The Boston Herald has an apparent new owner after a five-hour bankruptcy auction Tuesday in Boston, the newspaper reported on its website.
Denver-based Digital First Media proffered the top bid of $11.9 million for the paper. In December, Gatehouse Media, the owner of many regional papers, made a $5 million bid. Revolution Media Group, a Los Angeles private equity company, put in a $5.75 million bid.
The auction was held in the law offices of Brown Rudnick, the Herald's bankruptcy attorneys.
The high bid is subject to bankruptcy court approval. A Friday hearing has been scheduled in Delaware.
Digital First Media is the owner of hundreds of newspapers across the country, including the Denver Post. The company owns the Lowell Sun and the Fitchburg Sentinel & Enterprise.
Herald employees were able to secure some of their collective bargaining agreements before the sale, including a deal that requires bidders to hire at least 175 of the newspaper's current employees, recognize accrued paid time off and honor employees' years of seniority when applying new benefits, the Herald reported.