Bankrupt Boston Herald Gets Another Purchase Offer - NECN

Bankrupt Boston Herald Gets Another Purchase Offer



    BBJ Report: Boston Herald Bids

    Law and money reporter Greg Ryan joins necn to discuss his story, "Second bidder offers $5.75M to buy bankrupt Boston Herald."


    (Published Tuesday, Jan. 2, 2018)

    A second offer has surfaced for a Boston newspaper that filed for bankruptcy last month.

    Tampa, Florida-based Revolution Capital Group is making a $5.75 million bid for the Boston Herald. The offer was filed Tuesday in U.S. Bankruptcy Court in Delaware.

    The latest bid for the tabloid includes $3 million for the company, $2 million in severance payments and $750,000 toward employees' paid time off.

    GateHouse Media previously made an $5 million offer for the Herald.

    Both prospective buyers say they plan to keep 175 of the newspaper's approximately 240 employees.

    Revolution Capital previously owned the Tampa Tribune.

    Herald publisher Patrick Purcell citied pension liabilities, declining revenue, digital media and growing competition for the decision to file for Chapter 11 bankruptcy.

    The Herald traces its history to the mid-1800s.

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