Thursday, November 13, 2008

Group signs deal to buy Blethen Maine Newspapers

An investment group that includes principals who are well-known in Maine has signed a purchase agreement to buy the state's largest newspaper company by year's end, pending the completion of financing.

Maine Media Investment LLC signed the document Tuesday with Blethen Maine Newspapers, which owns the Portland Press Herald/ Maine Sunday Telegram, the Kennebec Journal in Augusta and the Morning Sentinel in Waterville, and other media products in the state. ...

"Although the sale is still contingent on the buyer obtaining a portion of its financing, both parties are optimistic that the transaction will close, despite tight credit markets," said Charles Cochrane, president and chief executive officer of Blethen Maine Newspapers.

Cochrane said he doesn't anticipate more layoffs or changes to the Blethen newspapers before the year's end. The papers have cut jobs, closed bureaus and trimmed expenses throughout 2008.


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