Benjamin Franklin's Legacy Lives On as Library Company of Philadelphia Set to Merge with Temple University
The historic institution, established in 1731, will retain its full staff, programs, and collections under the new partnership. The merger aims to combine Temple University's research and grant-writing programs with the library's vast historical archives.
Founded by Franklin as the first subscription library in the United States, the Library Company of Philadelphia has become a cultural institution in the city, boasting an impressive collection of 17th-, 18th-, and 19th-century books, manuscripts, and documents. The library has played a significant role in preserving American history, with its website describing it as the "de facto Library of Congress" before the national capital moved to Washington D.C.
However, due to financial constraints caused by the Great Depression and World War II, the library transitioned to a research institution in the mid-20th century. Despite facing budget deficits for years, the institution has been exploring merger options to ensure its continued operations.
The proposed partnership was met with support from 84% of Library Company shareholders and unanimous approval from Temple's Board of Trustees. Upon completion, the Library Company will be absorbed by Temple Libraries but retain its full staff, programs, and collections.
Temple University President John Fry hailed the deal as an opportunity to preserve a "philanthropic legacy" while ensuring the library's continued relevance. The university aims to leverage the library's resources to further enrich its academic and research capabilities.
The merger is expected to bring stability to the Library Company and provide opportunities for future growth, including increasing its shareholder base. An integration council will be formed in the coming months to oversee the transition.
The historic institution, established in 1731, will retain its full staff, programs, and collections under the new partnership. The merger aims to combine Temple University's research and grant-writing programs with the library's vast historical archives.
Founded by Franklin as the first subscription library in the United States, the Library Company of Philadelphia has become a cultural institution in the city, boasting an impressive collection of 17th-, 18th-, and 19th-century books, manuscripts, and documents. The library has played a significant role in preserving American history, with its website describing it as the "de facto Library of Congress" before the national capital moved to Washington D.C.
However, due to financial constraints caused by the Great Depression and World War II, the library transitioned to a research institution in the mid-20th century. Despite facing budget deficits for years, the institution has been exploring merger options to ensure its continued operations.
The proposed partnership was met with support from 84% of Library Company shareholders and unanimous approval from Temple's Board of Trustees. Upon completion, the Library Company will be absorbed by Temple Libraries but retain its full staff, programs, and collections.
Temple University President John Fry hailed the deal as an opportunity to preserve a "philanthropic legacy" while ensuring the library's continued relevance. The university aims to leverage the library's resources to further enrich its academic and research capabilities.
The merger is expected to bring stability to the Library Company and provide opportunities for future growth, including increasing its shareholder base. An integration council will be formed in the coming months to oversee the transition.
after all these years of struggles. i mean ben franklin's legacy is still being celebrated, and now it gets a boost from temple uni. its like they're saying "hey, we value history too" 
. plus, think about how many researchers and students are gonna have access to all that historical stuff. gotta be super exciting for philly's academic scene 
...the library co philly is like a piece of american history, you know? and now they're merging with temple uni, which is a major institution in itself 
. i'm all for preserving our cultural heritage, but at the same time, i wonder how this merger will impact the day-to-day operations of the library co. will it become too commercialized or lose its historical vibe? 
also, it's kinda cool to see philly's history being intertwined with a major uni like temple. fingers crossed it all works out smoothly 
I'm not buying that this merger is just about preserving history and academic growth... I mean, have you seen the way Temple University's been expanding its influence lately? It's like they're trying to control every aspect of Philly's cultural scene. And what's up with the Library Company's full staff and programs being retained? That's gotta cost some serious cash... 
Maybe this merger is just a clever ruse to funnel more funds into Temple University's pockets? I've been following this story, and I'm not convinced it's all about philanthropy...
. temple university might be able to leverage those historical archives, but is it worth losing some of that independence? 
. And now it gets to merge with Temple University and get all the fancy research funding they need 
. But I hope they don't mess up the library's vibe or history, you know? Like, it's a part of Philly's identity now 
. Fingers crossed that they make it all work out! 
and can you imagine all the cool resources they'll have access to now? temple university's research capabilities are about to take off 
plus, the library company will get to keep its full staff and programs, so no one has to lose their job 
. it's a win-win for everyone involved!
. I'm intrigued by the prospect of exploring new avenues for collaboration and growth, especially with 84% of shareholders supporting the deal 
. It'll be interesting to see how the integration council oversees the transition and ensures the library's cultural significance is preserved 
.
. i mean, who wouldn't want to preserve american history in one place? 
the library's archives are already like, super impressive, but with temple's resources, they'll be able to do even more cool stuff 
. and the best part? the staff, programs, and collections will stay intact