Boston Globe columnist Steve Bailey today confirms that the owners of Quincy’s Patriot Ledger and Brockton’s Enterprise are interested in buying the Boston Herald and its suburban affiliate, Community Newspaper Co. Bailey writes:
[A] private equity firm, keen on synergy and cost savings, could merge many of the operations while preserving the papers’ identities. Could there, for instance, be a single headquarters, and printing plant, for all the papers? And it need not be in Boston. The Boston Herald property, owned separately by the Purcell family, could be a valuable development site.
Bailey couldn’t reach Herald/CNC principal owner Pat Purcell. But Purcell tells his own paper: “We’re very encouraged by the level of interest in investing with us. We would hope it could be concluded in the next several weeks.”
Still unknown is the meaning of “it.” A sale of the entire operation? New investors, with Purcell remaining as the chief executive? Stay tuned.
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Rick in Duxbury
I’ve heard of a “run” on a bank but this is the first run on a newspaper I’ve seen….