Maine Media finds financier
Maine Media Investments has lined up a lead investor for its acquisition of Blethen Maine Newspapers and expects to close the deal within 30 days.
Richard Connor, the leader of Maine Media Investments, told the Portland Press Herald that HM Capital Partners, a private equity firm in Dallas, will put together the financing package for the purchase of Blethen Maine Newspaper from The Seattle Times Co. Connor said the financing package HM Capital Partners will design could include individual investors, banks or other institutions, or the firm's own $1.6 billion fund, the paper reported. Blethen Maine Newspapers' media holdings include the Portland Press Herald, Central Maine Morning Sentinel, Kennebec Journal and MaineToday.com. Connor has worked with HM Capital Partners in 2006 when it was the lead investor in the company he formed to buy the Times Leader newspaper in Wilkes-Barre, Pa., in 2006, according to the Press Herald.
Maine Media Investments emerged as the buyer of Blethen Maine Newspapers in November 2008. Since then, two deadlines for investment group's acquisition of the company have come and gone, but Connor said he hopes to have the deal complete within 30 days.
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