Big-name investors eye Blethen papers
A group of prominent Mainers has signed a letter of intent with Blethen Maine Newspapers to negotiate a sale of the Portland Press Herald, Central Maine Morning Sentinel, Kennebec Journal and other Blethen media assets.
The group, Maine Media Investments LLC, includes former Maine Senator and Secretary of Defense William Cohen; Cohen's son Kevin; Michael Liberty, a real estate developer; Robert Baldacci, a real estate developer and Gov. John Baldacci's brother; and Richard Connor, a Bangor native who has 40 years of experience owning and operating newspapers, a Blethen press release said. Connor owns The Times Leader in Wilkes-Barre, Pa.
Blethen employees will have an opportunity to share in the ownership of the new company, according to the press release. Employees previously had expressed interest in an employee-ownership stock plan after Blethen's partent company, Seattle Times Co., said in March it was selling its Maine assets due to tumbling revenues.
It is unclear what will happen to Portland Press Herald's union should the sale occur, although the release from Blethen says the company's case against the union, which it has been trying to dismantle to encourage a buyer, is still moving forward.
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