The National Trust for Local News, a nonprofit organization dedicated to preserving local ownership of newspapers, is set to acquire 22 papers in Maine, including prominent publications like The Portland Press Herald and The Sun Journal of Lewiston. These papers are currently owned by Masthead Maine, a private company that holds a majority of the independent media outlets in the state, including five out of six daily papers.
The decision to acquire these papers comes after Masthead Maine’s owner, Reade Brower, expressed interest in selling off his media holdings or partnering with another entity. The deal includes the five daily papers and 17 weekly papers. Elizabeth Hansen Shapiro, the CEO of the National Trust for Local News, confirmed the details of the transaction.
The acquisition is seen as a significant development in Maine’s journalism landscape. Bill Nemitz, a longstanding columnist for the Portland Press Herald, had called upon readers to donate to a nonprofit organization to help preserve local journalism in the state. This resonated with Maine residents and influenced the National Trust for Local News’s decision to pursue nonprofit ownership.
“We firmly believe in the power of independent, nonpartisan local journalism to strengthen communities and forge meaningful connections,” stated Ms. Hansen Shapiro. She acknowledged the vital role played by Masthead Maine and its esteemed publications in providing reliable and high-quality news to Maine’s communities.
The deal is expected to be finalized by the end of July, with the exact sale price remaining undisclosed. In addition to the Portland and Lewiston papers, the sale includes The Kennebec Journal in Augusta, The Morning Sentinel in Waterville, and The Times Record in Brunswick. The Bangor Daily News, the sixth daily paper in the state, will continue to be owned by the Bangor Publishing Company.
Steve Greenlee, the executive editor of The Portland Press Herald and The Maine Sunday Telegram, expressed optimism, calling it “the most important moment in the history of Maine journalism.” He emphasized that their news report aims to serve the public good, and the new business model will align with that mission.
Over the past two decades, numerous local newspapers across the country have faced closures due to declining print circulation and diminishing advertising revenue. Private equity firms and hedge funds have acquired distressed newspaper assets, often resulting in further reductions in newsroom staff. Alden Global Capital, an investment firm, has become the second-largest newspaper operator in the United States.
To address the crisis in local news and fill the void left by shuttered newspapers, several nonprofit news organizations have emerged in recent years. Examples include The Baltimore Banner and Honolulu Civil Beat. The National Trust for Local News, headquartered in Denver, was established with the goal of supporting local news outlets in finding sustainable solutions. Through a collaboration with The Colorado Sun, the organization currently owns 24 local newspapers in Colorado. Its philanthropic funders include the Gates Family Foundation, the Google News Initiative, and the Knight Foundation.
The executive board of the News Guild of Maine, which represents nearly 200 workers at these papers, expressed gratitude towards Reade Brower for choosing the nonprofit model over selling to entities that have negatively impacted news organizations nationwide. The board believes the nonprofit model is better suited to sustain journalism’s dual nature as both a consumer product and a public good.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
