January 28, 2008
FAME OKs bond for newspaper
The Finance Authority of Maine recently said it would issue a $7 million tax-exempt revenue bond to help Sample News Group purchase the Times Record publishing facility in Brunswick.
Pennsylvania-based Sample News Group, which owns the Biddeford Journal Tribune, in December said it was acquiring the Times Record, a daily newspaper in Brunswick. The company requested FAME issue the bond to give the company low-interest financing as a condition of the sale, claiming the newspaper's current owner might not maintain the business if the sale wasn't successful, according to the Portland Press Herald. FAME approved the bond Jan. 17, the paper said.
The bond request was challenged by other newspapers, including the parent company of the Press Herald, who said the low-interest financing gave Sample News Group an unfair advantage, the paper said.
Pennsylvania-based Sample News Group, which owns the Biddeford Journal Tribune, in December said it was acquiring the Times Record, a daily newspaper in Brunswick. The company requested FAME issue the bond to give the company low-interest financing as a condition of the sale, claiming the newspaper's current owner might not maintain the business if the sale wasn't successful, according to the Portland Press Herald. FAME approved the bond Jan. 17, the paper said.
The bond request was challenged by other newspapers, including the parent company of the Press Herald, who said the low-interest financing gave Sample News Group an unfair advantage, the paper said.
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