The Florida investment group which formerly owned The Tampa Tribune on Tuesday morning became the second interest to submit a bid on The Boston Herald since the tabloid declared bankruptcy last month.
Revolution Capital Group offered $5.75 million -- $3 million in cash, $2 million in severance and $750,000 in employee paid time off -- in its bid, The Herald reported.
The bid in total exceeds the $4.5 million offered by the earlier bidder, GateHouse Media, but the earlier offer was all-cash.
On Dec. 8, Boston Herald Inc. Publisher Publisher Patrick J. Purcell simultaneously announced the tabloid had filed Chapter 11 bankruptcy in Delaware and reached a purchase and sale agreement with GateHouse.
Standard bankruptcy procedures require that The Herald be put on public auction and make itself available to all potential buyers before any deal -- which will be ultimately subject to court approval -- can go through.
Purcell, reacting to the news Tuesday, said, "We appreciate the increased interest in the Boston Herald companies and look forward to a vibrant, court-managed process to determine what is in the best interest of the newspaper's future."
Publisher since 1984, Purcell bought The Herald from News Corp in 1994.
GateHouse publishes 130 daily newspapers and more than 640 community publications across the country, including multiple Massachusetts publications including the Cape Cod Times, Patriot Ledger, Worcester Telegram & Gazette as well as more than 100 weekly newspapers.
According to Bloomberg, Revolution Media Group primarily operates as a strategic consultancy firm. On its website, the company markets itself as "a strategic marketing agency working with you to stay a step ahead of the changing media landscape."
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