Katz's son plans to withdraw from Inquirer sale

The son of a Philadelphia Inquirer investor won't go forward with plans to buy the company.

PHILADELPHIA -- The son of a Philadelphia Inquirer investor won't go forward with plans to buy the company this week, citing "the turmoil" of his father's recent plane crash death.

Lewis Katz Memorial Service

A memorial service of Lewis Katz, one of seven people killed in a plane crash, is held at Temple University.

Drew Katz says "the turmoil of the last 10 days" has led him to abandon the planned $88 million purchase of the company Wednesday.

That leaves city philanthropist H.F. "Gerry" Lenfest the sole buyer.

The surprise announcement Tuesday comes after his father, Lewis Katz, and six others died May 31 in a crash near Boston.

Lewis Katz and Lenfest had recently bid $88 million to buy out their business partners and take over the company.

PHOTOS: Scene of plane crash that killed 7

Philadelphia Inquirer co-owner Lewis Katz was among the seven people killed in a fiery plane crash in Massachusetts.

The blog BigTrial.net first reported late Tuesday that Drew Katz was pulling out of the deal.

The company also operates the Philadelphia Daily News and Philly.com website.