National Nonprofit Acquires Maine Newspaper Empire in Landmark Deal
A national nonprofit, the National Trust for Local News, is set to acquire most of Maine's newspapers, including the Portland Press Herald, the Lewiston Sun Journal, the Kennebec Journal, the Morning Sentinel, and the Times Record. The terms of the deal were not disclosed, but the acquisition is seen as a positive outcome for the future of local news in Maine, as concerns about the publications falling into the hands of venture capital groups or hedge funds were alleviated. The nonprofit model is expected to bring sustainability and philanthropic backing to the newspapers, while the current management and employee benefits will remain intact. The sale marks the second major acquisition for the National Trust, which aims to enhance the quality of local news and address the challenges faced by the media industry.