Minority owners Lewis Katz and Gerry Lenfest purchased the Philadelphia Inquirer and Philadelphia Daily News today for $88M.
The duo outbid owner Integrated General Media Holdings, which offered $77M at the auction held at a law firm in the City of Brotherly Love.
IGMH, a group of local investors, bought the paper for $55M in 2012.
It claim to be happy the sale process has concluded so the papers can focus on journalism rather then the uncertain ownership situation.
Katz and Lenfest were part of the original IGMH team.
The papers generate about $200M in yearly revenues and lose an estimated $50K a day.
The Inky and News thrived under long-term owner Knight Ridder, which was sold to McClatchy Co. for $4.6B in 2006.
A group fronted by Philly ad man Brian Tierney bought the papers from McClatchy in that same year for $562M