Group signs deal to buy Blethen Maine Newspapers

by Tux Terkel, Portland Press Herald

An investment group that includes principals who are well-known in Maine has signed a purchase agreement to buy the state's largest newspaper company by year's end, pending the completion of financing.

Maine Media Investment LLC signed the document Tuesday with Blethen Maine Newspapers, which owns the Portland Press Herald/ Maine Sunday Telegram, the Kennebec Journal in Augusta and the Morning Sentinel in Waterville, and other media products in the state.

Both sides announced the sale late Wednesday. Each declined to disclose the price or other terms of the agreement.

The deal comes eight months after The Seattle Times Co., parent company of Blethen, announced plans to sell its Maine media holdings. Blethen said in July that it had signed a letter of intent to sell to Maine Media Investment, and the parties have been in varying degrees of talks since then.

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