PORTLAND, Maine - The sale of the Portland Press Herald, Kennebec Journal, Morning Sentinel and weekly Coastal Journal by wealthy hedge fund manager Donald Sussman has been completed.
MTM Acquisition, which is controlled by media executive Reade Brower, announced the transaction's completion on Monday.
Bower said he's offered jobs to 98 percent of former employees at the same wages and benefits. He says the current MaineToday Media management team led by CEO Lisa DeSisto will remain in place and will continue to be responsible for day-to-day operations.
As for the future, he said the newspapers have been growing circulation despite adding a paywall for online subscribers. He said the newspaper and digital media company has proven that "giving content away online is not a viable business model.''