Digital First Media, based in Denver, is set to purchase The Boston Herald as it won an auction for the newspaper company late Tuesday afternoon in Boston.
The Herald filed for bankruptcy in December and initially planned to sell the company to GateHouse. GateHouse, however, was outbid by Digital First on Tuesday in downtown Boston for nearly $12 million.
Digital First cut jobs at several Philadelphia-area newspapers just in the past few days.
The OC Register (California) and several other Digital First Media newspapers had layoffs earlier this year.
“We’re run by a hedge fund; their business is making money,” Mercury News reporter Lisa Krieger told the LA Times of Digital First last month. “They have a short-term investment perspective. Our mission, as reporters and editors, is long-term – providing the same high-quality coverage that our readers have depended on since 1851, and which is essential to a well-functioning and informed democracy.”
Locally, Digital First is the parent company of the Lowell Sun.