Despite the circulation slump caused by the Depression, Curtis expanded by buying "The Philadelphia Inquirer" in 1930 for $18 million, but he did not consolidate the two franchises. When Curtis died in 1933, he was estimated to have lost $30 million on his newspaper ventures, with little to show for the investment. In 1934, the "Ledger" was absorbed into the "Inquirer," and management was assumed by John C. Martin, the son-in-law of the second Mrs. Curtis. He became General Manager of Curtis-Martin Newspapers.