The Library Company of Philadelphia, America's oldest cultural institution, is set to merge with Temple University in a deal that promises to preserve its historic archives while bolstering the academic research capabilities of the iconic institution.
Founded by Benjamin Franklin in 1731, The Library Company has served as the de facto "Library of Congress" before the US capital moved to Washington, D.C. in 1800. Its vast collections of 17th-, 18th-, and 19th-century books, manuscripts, and documents have been a cornerstone of Philadelphia's cultural heritage for nearly three centuries.
However, facing budget deficits for years and struggling financially, The Library Company had been exploring merger options to stay afloat. In recent estimates, the institution would require $23 million in funding just to remain independent.
The proposed partnership with Temple University promises to address these financial woes while cementing the library's legacy as an integral part of Philadelphia's educational and historical landscape. Under the agreement, The Library Company will be absorbed into the Temple Libraries network but will retain its full staff, programs, and collections.
Temple President John Fry hailed the deal as a "delightful opportunity" to preserve one of Philadelphia's most important institutions while strengthening its research resources. For Temple, the partnership is seen as a strategic move to enrich its academic offerings and solidify its reputation as a hub for educational excellence.
"We are thrilled to help stabilize The Library Company while ensuring that its legacy thrives," Fry said in a statement. "This partnership will not only benefit our institution but also enrich the community of scholars, researchers, and citizens who rely on The Library Company's unparalleled resources."
The merger was approved by Temple's Board of Trustees unanimously, with an impressive 84% of The Library Company's shareholders casting their vote in favor of the deal.
A new integration council will be established to oversee the merging of the two institutions. University officials have also expressed hopes that The Library Company will increase its shareholder base as part of the partnership.
"We have been fortunate enough to maintain our independence for nearly 300 years, ever since Benjamin Franklin first envisioned a shared library," said John Van Horne, director of The Library Company. "I am confident that he would be heartened by this partnership with an institution dedicated to serving his city and beyond."
Founded by Benjamin Franklin in 1731, The Library Company has served as the de facto "Library of Congress" before the US capital moved to Washington, D.C. in 1800. Its vast collections of 17th-, 18th-, and 19th-century books, manuscripts, and documents have been a cornerstone of Philadelphia's cultural heritage for nearly three centuries.
However, facing budget deficits for years and struggling financially, The Library Company had been exploring merger options to stay afloat. In recent estimates, the institution would require $23 million in funding just to remain independent.
The proposed partnership with Temple University promises to address these financial woes while cementing the library's legacy as an integral part of Philadelphia's educational and historical landscape. Under the agreement, The Library Company will be absorbed into the Temple Libraries network but will retain its full staff, programs, and collections.
Temple President John Fry hailed the deal as a "delightful opportunity" to preserve one of Philadelphia's most important institutions while strengthening its research resources. For Temple, the partnership is seen as a strategic move to enrich its academic offerings and solidify its reputation as a hub for educational excellence.
"We are thrilled to help stabilize The Library Company while ensuring that its legacy thrives," Fry said in a statement. "This partnership will not only benefit our institution but also enrich the community of scholars, researchers, and citizens who rely on The Library Company's unparalleled resources."
The merger was approved by Temple's Board of Trustees unanimously, with an impressive 84% of The Library Company's shareholders casting their vote in favor of the deal.
A new integration council will be established to oversee the merging of the two institutions. University officials have also expressed hopes that The Library Company will increase its shareholder base as part of the partnership.
"We have been fortunate enough to maintain our independence for nearly 300 years, ever since Benjamin Franklin first envisioned a shared library," said John Van Horne, director of The Library Company. "I am confident that he would be heartened by this partnership with an institution dedicated to serving his city and beyond."
... seems like temple university is just trying to get its hands on the library's collections without having to foot the financial bill 
. i mean, $23 million in funding for the libary to stay afloat? that's crazy expensive! and what's up with them absorbing the whole staff? some people are gonna lose their jobs 
... don't get me wrong, preserving the library's legacy is important, but can't they just find other ways to do it without merging with another institution 
?
Temple University is already doing some amazing things, and now they're gonna be like... the ultimate research hub? 
That $23 million just to stay independent was a major red flag for me tho 
. But hey, I guess it's better than going under, right? 
The Library Company has such an incredible history and collection of books and stuff. I'm hyped that they'll be preserved and still accessible to the public 
. John Van Horne is totally right, Benjamin Franklin would've been stoked by this partnership 
. Now, let's see how this integration thing plays out 
. Maybe it'll lead to some cool new projects and collaborations? 
.
while preserving the historic archives that have been around since 1731 
. The Library Company won't lose any staff or programs, yay! 
I think this merger is a great way to keep The Library Company afloat 
and make it even more awesome for the community 
. This partnership is definitely going to enrich the community of scholars and researchers in Philly – it's like they're saying, "Hey, we've got this, and you can come join the party!" 
I've always been fascinated by Benjamin Franklin's story - he was like a true Renaissance man, right? 
.
. I mean, can you even imagine some private collector buying up all that history? It's crazy how The Library Company has been holding it down for so long, too... 300 years is a big deal! 
I heard they've got some pretty rare stuff, like Franklin's own papers and manuscripts 
. But seriously, this merger seems like a good move for both parties – Temple gets a boost in research capabilities, and The Library Company gets the stability it needs 
I'm so stoked about The Library Company of Philadelphia merging with Temple University! It's crazy to think that this iconic institution has been around since 1731 and is still thriving 
. This is a win for the community, the city, and education in general – I'm hella excited for what's next! 
. And what's gonna happen to all those historic books and documents? Will they still be open to the public? Fingers crossed!