Sussman in wings as new MTM owner
Donald Sussman, the billionaire private equity fund manager and husband of U.S. Rep. Chellie Pingree, has reached a deal with MaineToday Media to become part owner of the Maine media company.
According to a release from MaineToday, Sussman and MTM have reached an agreement for a $3 million to $4 million capital loan and 5% equity stake with Maine Values LLC, owned by Sussman. The deal is expected to close soon.
"The board of directors has been looking for an investment partner who shares our commitment to MaineToday Media and is willing to invest in a modern, broadly supported growth strategy," said MTM Board Chairman Peter Brodsky in the release. "We have found our partner in Donald Sussman and Maine Values, LLC and we are confident our employees, readers and business partners will be pleased."
Sussman said he is supporting MaineToday because the communities it serves deserve "healthy, financially stable daily newspapers that can help foster these values we all share. I want people to know that their local paper, the professional news they depend on and the jobs that come with it are here to stay. Employees and management have worked hard on an impressive growth plan. I am glad to be able to provide resources to fund that plan."
Maine Today Media owns the Portland Press Herald, the Maine Sunday Telegram, the Kennebec Journal, the Morning Sentinel, and the Coastal Journal, as well as digital properties mainetoday.com and Maine Jobs and Raising Maine.
Last month another investment group, 2100 Trust LLC, also indicated an interest in buying the media company, but terms were not reached. That investment group included former Press Herald President Chris Harte; Jack Griffin, former CEO of Time Inc.; and Aaron Kushner, who along with Harte has been attempting to buy The Boston Globe.
The MaineToday board now intends to hire a new CEO with media experience for the company, and no changes are expected among staff or editorial independence, according to the release. Former CEO Richard Connor left the organization in December.
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