The Boston Herald has been sold to GateHouse Media, Publisher Patrick J. Purcell announced to the newspaper's staff at a meeting Friday.
Multiple reporters from the newspaper tweeted the news on Friday, and the newspaper published a story on its website detailing the pending sale.
"I am very proud of the spectacular management team with whom I have worked hand in hand over the years," Purcell said in letter to employees. "And I am equally as proud of the excellent staff in all areas of our company who have worked tirelessly to make the Boston Herald a relevant and respected provider of local and regional news for Boston and the area."
The Herald employs about 240 people, down from 900 at its peak.
Purcell has owned the paper since the mid-1990s, when he purchased it from Rupert Murdoch's News Corp.
The newspaper filed for Chapter 11 bankruptcy on Friday in order to maximize its value.
Purcell said the newspaper will continue to operate, and employees were told no buyouts will be offered.
GateHouse publishes the Worcester Telegram & Gazette, the Cape Cod Times, The Patriot Ledger and more than 100 other newspapers.