Temple University and Library Company of Philadelphia proceed with merger plans, advancing to the next phase of the process.
The proposed merger between Temple University and the Library Company of Philadelphia has progressed recently, culminating in a significant vote by trustees of the Library Company last week. This development marks a critical step toward finalizing an agreement that has been a topic of discussion for some time, according to statements from Library Company director John C. Van Horne. The trustees endorsed the merger during a meeting held last Thursday, which represents the first of several necessary approvals that this proposal must navigate before it is officially enacted.
Library Company leadership expressed their optimism about this alignment, noting that it is expected to elevate the institution’s stature and enhance its array of resources. In a communication to stakeholders, they articulated a belief that the merger would not compromise the Library Company’s longstanding traditions but instead strengthen its collections, staff, programs, and overall reputation within the scholarly community. This merger is anticipated to provide broader access to the extensive resources associated with Temple University, which encompasses diverse libraries, academic departments, and specialized support in critical areas such as marketing, development, and communications.
The Library Company of Philadelphia, established in 1731, is notable for being the first subscription library in the United States. Situated on Locust Street east of Broad, the institution boasts a rich collection that includes approximately 500,000 rare books, manuscripts, prints, photographs, and various artifacts that primarily focus on the 17th through 19th centuries. However, in recent years, the Library Company has faced financial challenges, prompting discussions about potential partnerships or mergers with various organizations.
To ensure its independence and long-term stability, the Library Company would need to raise around million for its endowment, a task deemed daunting by its leadership. This financial pressure has intensified the urgency behind the proposed merger, which aims to secure a sustainable future for the institution.
The proposed merger is contingent on multiple layers of approval, including that of the Library Company shareholders. A meeting to discuss the proposal with shareholders is likely to occur in late November, after which Temple University’s board will also convene to cast its vote on the matter. Furthermore, official endorsement from the Pennsylvania Attorney General and Orphans’ Court is a prerequisite for finalizing the merger. Stakeholders can anticipate receiving detailed information outlining the rationale behind this pivotal decision and its potential benefits for the Library Company before the upcoming shareholder meeting.
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