Digital First Media to Buy Boston Herald for $11.9 Million
Yesterday the Boston Herald announced that Digital First Media will acquire the newspaper for $11.9 million. Offering more than double the amount of two other bidders, Digital First Media beat out GateHouse Media who bid $4.5 million and Revolution Capital who bid $5.75 million at a 5-hour bankruptcy auction conducted by the bankruptcy law firm Brown Rudnick in Boston. The winning bid is subject to approval by the U.S. Bankruptcy Court in Delaware, said the Herald. A hearing is set for Friday. The sale is expected to close by March 28.
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