The Boston Herald is declaring bankruptcy and has agreed to be sold to GateHouse Media.
The daily newspaper founded in 1846 announced Friday it filed a voluntary Chapter 11 bankruptcy petition in Delaware. Publisher Patrick Purcell didn't disclose the sale price but said the purchase is subject to court approval.
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Purcell cited pension liabilities, declining revenue, digital media and growing competition for the decision. He said the company would continue its day-to-day operations.
The 64,500-circulation tabloid had some 900 employees at its peak in 2000. Today it has 240; more than half working in the newsroom. It has won eight Pulitzer Prizes in its history.
New York-based GateHouse Media publishes more than 600 newspapers in 38 states, including daily newspapers serving Cape Cod, Worcester and Fall River and Rhode Island.