Purchase of Maine newspapers delayed
An investment group won't be able to finance its purchase of Blethen Maine Newspapers by year's end, but remains confident that it can secure financing for the deal.
Maine Media Investment had set Wednesday as a target date for the sale, but now hopes to complete the purchase by early next year, the Portland Press Herald reported. Scheduling difficulties around the holidays and severe winter weather contributed to the delay. Maine Media on Nov. 11 signed a purchase-and-sale agreement for the Blethen Maine properties, which include the Portland Press Herald/Maine Sunday Telegram, the Kennebec Journal in Augusta and the Morning Sentinel in Waterville. No price was disclosed, and the sale was contingent on the partnership, a group of high-profile Mainers that includes former U.S. Sen. William Cohen, obtaining financing, the paper reported.
Blethen Maine Newspapers is owned by The Seattle Times Co.
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