Bill Marimow confirmed Katz's death to Philly.com on Sunday, saying he learned the news from close associates.
The plane crashed and caught fire as it was leaving Hanscom Field while on its way to Atlantic City International Airport. Massachusetts Port Authority spokesman Matthew Brelis says there were no survivors in the crash.
Katz was one of two business moguls who bought out their partners last week with an $88 million bid for The Inquirer, which also operates the Philadelphia Daily News and the news website Philly.com
The National Transportation Safety Board is investigating the cause of the crash.