The Boston Herald said Friday it has filed for Chapter 11 bankruptcy , a regional newspaper group.
The 171-year-old daily newspaper’s publisher Patrick Purcell broke the news in a letter to staffers on Friday. In a meeting with employees, Purcell pegged the sale price at $4.5 million, according to a source.
Purcell told the Herald’s 240 employees — including 120 in the newsroom — that the company would continue its day-to-day operations without interruption while awaiting approval of the deal.
“In addition to great news and advertising coverage for our dedicated readers over the years, all I ever wanted to do was keep the Boston Herald alive,” Purcell wrote in his letter.
“And it is with this pending sale that I am able to do that in these difficult newspapering times. I am certain this is the best pathway forward for you and for the newspaper we have nurtured together, in my case, for the last 33 years.”
Purcell took over as publisher in 1984 when it was still owned by News Corp, which also owns The Post. Ten years later, Purcell bought the newspaper and continued as its publisher.
The Boston Herald, which has daily circulation of 64,5000, traces its roots date back to 1846, when it was a two-sheet news vehicle produced by the city’s printers.
Gatehouse, based in Pittsfield, NY, publishes over 100 papers including the Cape Cod Times and the Worcester Telegram & Gazette. In 2005, it acquired Community Newspaper Company, a chain of regional weeklies in Massachusetts, from the Herald.
After reorganizing in a prepackaged bankruptcy in 2013, Gatehouse purchased the Providence Journal from A. H. Belo in 2014 for $46 million. It acquired the Las Vegas Review Journal in 2015, only to flip it for a profit a few months later to billionaire Sheldon Adelson.