By: Herald Media Inc., parent company of the Boston Herald, is selling its chain of suburban newspapers to Liberty Group Publishing, the newspaper reported on its Web site Friday night.
Terms of the deal between Herald Media and the Northbrook, Ill.-based Liberty Group Publishing were not disclosed. Liberty owns more than 270 community publications across the country, including 64 dailies.
Herald Media bought Community Newspaper Co., a chain of about 100 weeklies and four dailies, in 2001 from Fidelity Investments. Three investment firms that helped the Herald buy the chain said last year they wanted to cash out their remaining investment.
Patrick J. Purcell, publisher of the Herald and president of Herald Media, said the sale of the suburban papers will make the Boston Herald essentially debt free.
"My first love, and what I've always tried to accomplish, is to make the Herald a success and to keep Boston a two-newspaper town, and to continue to have fun in a business that is the best business anyone could be involved in," Purcell said.
The city's other daily newspaper is The Boston Globe, which is owned by The New York Times Co.
Herald spokeswoman Gwen Gage said Friday night she could not add further details, but a news conference was expected on Sunday. Liberty did not immediately return telephone messages left after business hours Friday night.
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