BOSTON — A second purchase offer has surfaced for the Boston Herald newspaper, which filed for bankruptcy protection last month.
Revolution Capital Group, based in Tampa, Florida, and a former owner of the Tampa Tribune, is offering $5.75 million for the Herald. The offer was filed Tuesday in U.S. Bankruptcy Court in Delaware.
Revolution Capital’s bid includes $3 million for the company, $2 million in severance payments and $750,000 toward employees’ paid time off.
GateHouse Media previously made a $5 million offer for the Herald, which traces its history to the mid-1800s.
Both prospective buyers say they plan to keep 175 of the newspaper’s roughly 240 employees.
Herald Publisher Patrick Purcell citied pension liabilities, declining revenue, digital media and growing competition for the decision to file for Chapter 11 bankruptcy.
Send questions/comments to the editors.
Success. Please wait for the page to reload. If the page does not reload within 5 seconds, please refresh the page.
Enter your email and password to access comments.
Hi, to comment on stories you must . This profile is in addition to your subscription and website login.
Already have a commenting profile? .
Invalid username/password.
Please check your email to confirm and complete your registration.
Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.
Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.