Sale of Blethen Maine papers moves forward

by Associated Press

An investment group has said it has found a lead investor for its acquisition of Blethen Maine Newspapers.

Richard Connor, the leader of Maine Media Investment LLC, said HM Capital Partners in Dallas will be responsible for putting together a financing package for the purchase of the company.

Connor told the Portland Press Herald that he still needs to involve a bank in the deal and is in discussions with three Maine banks, but that he hopes to complete the acquisition within 30 days.

Blethen Maine owns the Portland Press Herald/Main Sunday Telegram, the Kennebec Journal in Augusta, the Morning Sentinel in Waterville and other media in the state.

The Seattle Times Co., parent company of Blethen, announced plans last March to sell its Maine media holdings. In July, Blethen said it had signed a letter of intent to sell to Maine Media Investment, and the parties have conducted talks since then. This past November, employees of Blethen Maine Newspapers were told of the pending sale.

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