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.
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