Philadelphia's Oldest Institution Set to Merge with Temple University in Historic Deal
The Library Company of Philadelphia, America's oldest cultural institution, has agreed to merge with Temple University in a partnership that aims to combine the university's research and grant-writing programs with the library's vast historical archives. The deal, which was met with overwhelming support from both parties, will see the Library Company absorbed by Temple Libraries but retain its full staff, programs, and collections.
Founded in 1731 by Benjamin Franklin, the Library Company is renowned for its extensive collection of 17th- to 19th-century books, manuscripts, and documents. At one point, it served as the de facto "Library of Congress" before the national capital moved to Washington, D.C., in 1800. The institution has faced significant financial challenges in recent years, including budget deficits that had been growing for years.
According to officials, the Library Company would need to raise $23 million to stay independent, prompting exploration of merger options. Temple University's Board of Trustees unanimously approved the deal, while 84% of the Library Company's shareholders voted in favor of it. The integration council, comprising representatives from both parties, will be established in the coming months.
Temple President John Fry hailed the partnership as an opportunity to "further enrich our academic and research resources" while ensuring the legacy of the Library Company is preserved. For its part, the Library Company's director, John Van Horne, expressed confidence that Benjamin Franklin would approve of the expanded education mission of the university and the partnership.
The merger brings stability to the Library Company, which has been navigating financial challenges for years. The institution will continue to operate from its longtime headquarters at 1314 Locust St., with Temple University providing the necessary support to ensure its continued success.
The Library Company of Philadelphia, America's oldest cultural institution, has agreed to merge with Temple University in a partnership that aims to combine the university's research and grant-writing programs with the library's vast historical archives. The deal, which was met with overwhelming support from both parties, will see the Library Company absorbed by Temple Libraries but retain its full staff, programs, and collections.
Founded in 1731 by Benjamin Franklin, the Library Company is renowned for its extensive collection of 17th- to 19th-century books, manuscripts, and documents. At one point, it served as the de facto "Library of Congress" before the national capital moved to Washington, D.C., in 1800. The institution has faced significant financial challenges in recent years, including budget deficits that had been growing for years.
According to officials, the Library Company would need to raise $23 million to stay independent, prompting exploration of merger options. Temple University's Board of Trustees unanimously approved the deal, while 84% of the Library Company's shareholders voted in favor of it. The integration council, comprising representatives from both parties, will be established in the coming months.
Temple President John Fry hailed the partnership as an opportunity to "further enrich our academic and research resources" while ensuring the legacy of the Library Company is preserved. For its part, the Library Company's director, John Van Horne, expressed confidence that Benjamin Franklin would approve of the expanded education mission of the university and the partnership.
The merger brings stability to the Library Company, which has been navigating financial challenges for years. The institution will continue to operate from its longtime headquarters at 1314 Locust St., with Temple University providing the necessary support to ensure its continued success.
... I mean, it's not all bad tho, temple uni is pretty legit and they'll probs help them keep those old documents safe. but i worry that the library company will lose some of its chill vibe with all these new ppl coming in 
. benjamin franklin was a total OG, you know? and now his legacy is being merged into some big ol' university 
. plus, think about it, what happens when they run out of space or funding? will the library company just get swallowed up by temple uni? 
don't get me wrong, stability is important, but sometimes i think we lose a little too much character in the process 
omg can u believe philly's oldest library is merging with temple university!! i was talking to a friend who works there and she said they were super close to closing down bcs of financial issues 
but now it's like a weight has been lifted off their shoulders 
the libco has always had that rich history and ben franklin vibes going on - it'll be so cool to see how temple university incorporates all that into their education programs 
i'm curious to see what kind of new resources they'll develop with all those historical archives 
A merger like this is a win-win for both parties, right? The Library Company gets stability and support while Temple University gets to tap into those amazing historical archives and research resources. I mean, who wouldn't want to be the "Library of Congress" again? 
It's like having two brains working together, you know? And let's not forget about the books and manuscripts – all that history is just sitting there waiting to be studied and shared with the world! 
Now, let's keep an eye on how this merger plays out and if they'll be able to find that sweet $23 million to stay independent... but overall, it looks like things are looking up for the Library Company 
.
. It's just another example of how institutions are getting too big and losing their individuality. I mean, what's wrong with the Library Company being independent? Did it really need Temple University to save it? The fact that they had to raise 23 million dollars to stay afloat is pretty telling... maybe they shouldn't have been so slow on the draw 
. And now they're just gonna get swallowed up by Temple and lose all their autonomy 
library co has been strugglin financially but now it's gonna be part of a bigger org, which is def a good thing for them lol ben franklin would prob approve of the whole edu mission expansion 
anyway i'm curious how they plan to integrate their archives with templu's research programs... hope it all works out 
temple university is basically buying them out lol, i guess benjamin franklin would've wanted his legacy tied to some big uni 
anyway can't wait to see what kinda crazy research projects they'll be working on with that massive archive 
can't wait to see what kind of cool exhibits they come up with combining the library's archives with the university's research programs 
!
. It's fascinating to see how Temple University is taking steps to bolster its research and grant-writing capabilities while also preserving the rich history of the Library Company of Philadelphia 
️. I mean, can you imagine having access to such an extensive collection of historical documents and manuscripts at your fingertips? It's like having a treasure trove of knowledge at your disposal 
. Plus, it's great that the institution is being given a new lease on life with this partnership – who knows what kind of innovative projects will come out of this collaboration? 
but i'm so glad that this merger is happening! it's amazing that a place as old and iconic as the Library Company of Philadelphia is getting the help it needs to survive. temple university seems like a great partner, and it's awesome that they're committed to preserving the library's legacy and collections 
i hope this merger brings new life to the library and helps it thrive for generations to come 
... it's amazing how these institutions can come together for the greater good. I think what I love most is that the library will still be able to operate independently, but with a safety net provided by Temple. It's like having two strong wings supporting each other, which makes me think about my own retirement years and the importance of financial stability 
i mean benjamin franklin founded it back in 1731 can you even imagine what he'd think if he was alive today? 
i'm just so glad they found a partner like temple university to help them out 