Billionaire investor Ron Perelman is teaming up with his father, Ray, and homebuilding Bruce Toll in a bid to buy Philadelphia Newspapers, owner of the Philadelphia Inquirer and Daily News, today at a bankruptcy auction.

The Perelmans and Toll are replacing another billionaire investor who was in the hunt, Ron Burkle, who is separately backing brothers Harvey and Bob Weinstein in their pursuit of film studio Miramax.

Perelman’s entrance in the race comes after the investment group he’s a part of withdrew its first bid and submitted the new offer. The earlier bid proposed paying the newspapers’ creditors $60 million cash and property to satisfy more than $300 million in claims.

Philadelphia Newspapers filed for bankruptcy in Febarury 2009, more than two years after CEO Brian Tierney led a buyout of the newspaper group.