Potential buyer emerges for Seattle Times subsidiary Blethen Maine Newspapers

Sandy Yang

Sandy Yang

PORTLAND, Maine , July 31, 2008 () – An investor group that includes former Defense Secretary William Cohen has emerged as a potential buyer of Blethen Maine Newspapers, owner of the Portland Press Herald, Maine Sunday Telegram and other newspapers in the state.

Blethen Maine Chairman Frank Blethen announced Wednesday that his company has signed a letter of intent that gives Maine Media Investments exclusive rights over a limited time period to negotiate terms of a sale.

In addition to Cohen, Maine Media Investments includes businessman Robert Baldacci, brother of Maine Gov. John Baldacci; developer Michael Liberty and Richard Connor, a Bangor native who is editor and publisher of the Wilkes-Barre (Pa.) Times Leader.

"This locally backed ownership group would provide a favorable outcome for the community, our readers, our employees and the Blethen family," Blethen said in a statement.

Blethen Maine is owned by The Seattle Times, which put it up for sale in March. The company cited declining revenue and outstanding debt, which have forced a series of layoffs and job cuts.

In addition to the Portland newspapers, Blethen Maine properties include the Kennebec Journal in Augusta, the Morning Sentinel in Waterville, MaineToday.com and The Coastal Journal, a weekly in Bath.

Blethen said negotiations with other potential buyers are unlikely to move forward because of a disagreement about whether a new owner would have to abide by terms of the current union contract with the Portland Newspaper Guild. That issue is the focus of a pending lawsuit in federal court.

Connor, who has 40 years of experience in the newspaper business, led an investor group that purchased the Wilkes-Barre paper in 2006 from The McClatchy Co. for $65 million.

Cohen, a U.S. senator from Maine from 1979 to 1997, went on to become secretary of defense during President Bill Clinton's second term and now heads a business consulting group in Washington, D.C.

"We hope we can reach an agreement that allows us to continue the heritage of strong Maine journalism and public service to the communities served by these newspapers and the state," Cohen said in a statement.

AS-image © 2024 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Share:

About Us

We deliver market news & information relevant to your business.

We monitor all your market drivers.

We aggregate, curate, filter and map your specific needs.

We deliver the right information to the right person at the right time.

Our Contacts

1990 S Bundy Dr. Suite #380,
Los Angeles, CA 90025

+1 (310) 553 0008

About Cookies On This Site

We collect data, including through use of cookies and similar technology ("cookies") that enchance the online experience. By clicking "I agree", you agree to our cookies, agree to bound by our Terms of Use, and acknowledge our Privacy Policy. For more information on our data practices and how to exercise your privacy rights, please see our Privacy Policy.