Press Herald owner adds Sun Journal to portfolio
The Costello family, longtime owner of the Sun Journal, will sell its publishing group to the owner of the Portland Press Herald.
Reade Brower, who bought the Press Herald in 2015, will also acquire the Forecaster and the Current in the deal, terms of which were not disclosed. Both ownership groups are privately held.
Sun Media Group has 225 employees. The Costello family has owned the Sun Journal since the 1890s, the Press Herald reported. The operations will be a separate entity, SJ Acquisitions.
The deal is expected to close Aug. 1.
Brower said he expects to keep all publications, including seven weekly papers, running as is. Most employees, the Press Herald reported, will be rehired by the new operating group.
Steve Costello, vice president of advertising and marketing at Sun Media Group, told the Press Herald: “It’s a bit of a bittersweet day. We are pleased that the new ownership is going to be as it is and thinks similarly to us as it relates to values. But it’s a very emotional day as well.”
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