Lewis Katz and H.F. "Gerry" Lenfest won control of The Philadelphia Inquirer at an insider sale Tuesday, bringing the ailing company under the control of two Philadelphia business moguls.

The two men promised to support the publication's journalistic integrity, but said that advertising may need to increase to bump up the publication's circulation. The buyers also promised that William K. Marimow, the Inquirer's current editor, would remain in his position, according to The Associated Press.

Lenfest, a philanthropist and former cable executive, bought out the Inquirer's partners with an $88 million bid. The company also operates the Philadelphia Daily News and Philly.com.

"It's going to be a lot of hard work. We're not kidding ourselves. It's going to be an enormous undertaking," said Katz, who said the paper's ad revenues and circulation have declined over the years. "Hopefully, [the Inquirer] will get fatter."

The rival owner, insurance executive George Norcross, pushed for local news and sports coverage to increase circulation. Philly.com was run by his daughter, Lexie Norcross. The popular website often uses sensational and celebrity news to draw clicks.

There was a public feud between Norcross and Katz last fall when Marimow was unexpectedly fired. Katz sued Norcross, saying he needed a vote to fire him. A judge agreed with Katz, and Marimow returned to his editorial post until his contract expires.

The Inquirer's digital profits have fallen below what they were in 2006, and the company's overall revenue dropped to $200 million in 2012 from $500 million in 2002.

Katz earned his fortune investing in Kinney Parking and the Yankees Entertainment and Sports Network. He once owned the New Jersey Nets and the NHL's New Jersey Devils, and is a big donor to his alma mater, Temple University.

Lenfest made more than $1 billion when he sold Suburban Cable to Comcast Corp. in 2000, and has since donated hundreds of millions to the arts and education.

Norcross has interests in health care, media, education and politics, and owned 52 percent of the company.