ANN ARBOR, MI — A potential deal for the Ann Arbor District Library to acquire the Ann Arbor Observer is still in talks and nothing is final yet, library leaders say.

AADL has publicly released a confidential term sheet showing a $650,000 purchase price for AADL or an entity formed by AADL to gain ownership of the monthly news publication.

The Observer would terminate all its employees and the purchaser would offer employment to them with substantially comparable wages and benefits, the terms state, setting a Jan. 1 date by which to negotiate and execute an agreement.

But that timeline may be extended now as library leaders say they’re still exploring the right model to use.

AADL Director Eli Neiburger previously said the Observer would become a wholly owned subsidiary of the library

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