The sale of the Boston Herald to GateHouse Media has caused a great deal of consternation among the staff at the scaredy local tabloid and a great deal of confusion among the rest of us, as we detailed in a conversation with Meghna Chakrabarti at WBUR’s Radio Boston.
And now there’s competition, as the selfie local tabloid reports.
Three new suitors surface in sale of Boston Herald
Three additional parties have shown interest in buying the Herald in the days following its declaration of Chapter 11 bankruptcy and $4.5 million sale agreement with publishing giant GateHouse Media.
Herald finance chief Jeff Magram confirmed three inquiries have been made into the newspaper since the announcement last Friday.
“One just surfaced today. It was two as of yesterday. I’m happy there’s more interest,” said Magram, who declined to identify or characterize the inquiring parties in any way.
Can you cover this nut graf:
“For a bidder to beat GateHouse’s $4.5 million offer, the higher offer would need to factor in a $200,000 ‘break-up fee’ and up to $100,000 in due diligence expenses to GateHouse. The companies have also proposed requiring the next higher bidder to beat GateHouse’s bid by $100,000.”
That’s definitely good news for Herald staffers, who face losing severance and pension payments in the GateHouse deal.
Bottom line: We hope the fine folks at the feisty local tabloid get the best deal possible.
And we hope we never have to post to this blog again.