Boston Herald Sold; Files For Chapter 11

BOSTON, MA (WBZ-AM) -- The Boston Herald, which has been dealing with financial issues for years, has been sold to Gatehouse Media and has also filed for chapter 11 bankruptcy. 

According to a story on its website, Herald Publisher Patrick Purcell told Herald employees gathered at the paper's Seaport District headquarters Friday, they had reached an agreement with Gatehouse Media to acquire the company's operational assets. 

Gatehouse owns the The Worcester Telegram & Gazette, the Quincy Patriot Ledger, along with a number of other suburban papers. 

Like other newspapers, the Herald has been hit with declining revenue and rising costs over the years. The herald had 900 employees at it's peak in 2000. 

Today it has 240...120 of them in the newsroom. 

The company has also filed for Chapter 11 bankruptcy.  

Purcell told employees the paper will continue it's day to day operations, providing service for their newspaper readers and online consumers.

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