Boston Herald Files For Bankruptcy, Will Be Sold

BOSTON (CBS) -- The Boston Herald has filed for bankruptcy and will be sold, the publisher of the storied tabloid announced Friday.

According to a story on the Herald's website, the company filed for Chapter 11 Bankruptcy in Delaware. Gatehouse Media will acquire the Herald's assets for $4.5 million, pending court approval.

Gatehouse will add to its collection of newspapers in Massachusetts, which includes The Worcester Telegram & Gazette and The MetroWest Daily News.

The original Boston Herald got its start in 1846. It currently has a circulation of 64,500.

Pat Purcell has been the publisher of the Boston Herald since 1984 and bought the publication from Rupert Murdoch and News Corp 10 years later.

"Boston is a better city for the Herald's unique and fearless local reporting," Purcell said in a letter to Herald employees.