Billionaire Killed in Small Plane Crash

A private plane erupted on takeoff leaving seven dead, including billionaire sports and media tycoon in Bedford, Mass.
1:41 | 06/01/14

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Transcript for Billionaire Killed in Small Plane Crash
tonight, where a private plane erupted into a fireball while taking off. All seven people on world were killed, including a man well known in the world of media and sports and known for his charitable giving. Tonight, federal investigators are on the scene and so is ABC's Alex Perez. Reporter: The plane barely recognizable in the wreckage. Witnesses describe hearing a loud explosion, then, seeing a ball of fire. I felt the house shake. Reporter: All seven people on board killed in the crash about 9:40 Saturday night here in Bedford, Massachusetts. Among the dead, prominent media businessman lewis Katz, the co-owner of "The daily news" and "Philadelphia inquirer." Katz once owned the New Jersey devils hockey team and new Jersey nets basketball team. In a statement, his son says, "My father was my best friend. He taught me everything. He never forgot where and how he grew up." The ntsb says it appears the private gulfstream 4 plane never became airborne, crashing into an antenna and through a fence. There was a fire and the aircraft was carrying jet fuel on board. You know, that burned that's what consumed a large part of the aircraft. Reporter: The plane was headed to Atlantic City. Former Pennsylvania governor ed Rendell was also supposed to be on the plane, but canceled because of a prior commitment. Ntsb officials say it appears the pilot did not communicate having any problems. I think we can say that we know that it happened very late in the takeoff roll. Reporter: And officials say the plane did have both a flight data recorder and a cockpit voice recorder, which they hope to recover soon. As they work to figure out what exactly went wrong here. David? ABC's Alex Perez tonight, thanks.

This transcript has been automatically generated and may not be 100% accurate.

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