The publisher of the Boston Herald earned nearly $1 million in the 12 months leading up to the newspaper’s Dec. 8 bankruptcy filing. Documents filed this week in federal bankruptcy court in Delaware show that Patrick Purcell was paid $970,000 during the preceding 12-month period. The total includes reimbursements for a golf-club membership and use of a company vehicle.
The story was first published in the Herald, where Purcell said his compensation levels date back to when he was a top executive in News Corp. Purcell bought the Herald from News Corp. in 1994.
“I continued to pay myself what I was earning previously at News Corp.,” Purcell said. “I took some raises, same as everyone else. When there were no raises, I took no raises.”
Purcell is using the Chapter 11 bankruptcy process to shed debts as he tries to sell the newspaper. GateHouse Media and Revolution Capital Group have emerged as lead bidders, going into a bankruptcy auction scheduled for Feb. 13.