With advertising shrinking and newspapers vanishing, Maine’s largest newspaper group became the latest to try a nonprofit model with the completion of the sale of more than 20 daily and weekly newspapers, including the Portland Press Herald.
The National Trust for Local News, which already owns two dozen newspapers in Colorado, is expanding its portfolio through the purchase of five daily newspapers and 17 weekly newspapers that were part of Masthead Maine. Former Masthead owner Reade Brower retained ownership of several weeklies that weren’t part of the deal.
The transformation from a commercial business to a nonprofit was a positive outcome compared to other alternatives including corporate ownership that could have been more focused on making making cuts to maximize profits, executives told Portland Press Herald employees at a meeting and celebration in South Portland.
Former Masthead Maine CEO Lisa DeSisto, who will continue her leadership role as CEO and publisher of the Maine Trust for Local News, called the deal “an incredible outcome for our employees, our readers and the state of Maine.” Reade Brower, the newspapers’ former owner, purchased MaineToday Media, the parent company of the Press Herald, the Kennebec Journal and Morning Sentinel, in 2015 and added newspaper groups and newspapers over the next several years.
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