Investment group planning to buy MaineToday Media
Former Portland Press Herald President Chris Harte is leading a group of investors looking to buy the MaineToday Media franchise.
MaineToday Media said in a press release late Friday that Harte, PPH president from 1992-94, and the 2100 Trust LLC investment group have agreed to terms that would lead to a "significant investment" in the company to strengthen current operations and future growth. The term sheet, according to the release, would place operations of MTM's properties under the management of 2100 Trust with a team of current management and "other experienced media industry professionals." Exact details of those terms — including the size of the investment, possible realignments of staff and products — will not be known until the deal is finalized in the coming weeks. Among the investors are Jack Griffin, former CEO of Time Inc., and Aaron Kushner, who along with Harte has been attempting to buy The Boston Globe.
Richard Connor, former CEO and an investor in MaineToday Media, along with other investors, bought the Maine franchise in 2009 from Blethen Maine Newspapers. Connor stepped down as CEO at the end of 2011, and it is unclear whether he remains an investor.
MaineToday Media owns and operates the Portland Press Herald, the Maine Sunday Telegram, the Kennebec Journal, the Morning Sentinel and the Coastal Journal, as well as MaineToday.com, Maine Jobs and Raising Maine digital properties.
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