PHILADELPHIA—Two owners have offered $29 million to buy out rival co-owners of The Philadelphia Inquirer amid a feud that a union memo calls "a disgrace."

George Norcross made the offer Wednesday after squaring off in court Monday with co-owners Lewis Katz and H.F. "Gerry" Lenfest.

The fight was sparked by editor Bill Marimow's firing, but broadly involves the company's future.

Unionized workers at the Inquirer and Philadelphia Daily News have had five owners in seven years, amid pay cuts and layoffs. They now hope to help an unidentified party buy the company.

Local Newspaper Guild President Howard Gensler, a columnist, says staffers are fed up.

Meanwhile, the company's chief operational officer resigned Wednesday and the company fired ex-Publisher Brian Tierney, who was being paid $25,000 a month to sell advertising.