Masthead Maine selling to nonprofit by end of July

The following excerpt was sent out from bangordailynews.com:

The owner of Masthead Maine, the state’s largest newspaper company and the publisher of the Portland Press Herald, said Monday that it has agreed to sell to a nonprofit in a deal closing at the end of July.

The move follows rising speculation since March, when Reade Brower indicated he was willing to sell his company and consider all kinds of offers, including converting the business to a nonprofit.

The purchase by the National Trust for Local News is in collaboration with the Maine Journalism Foundation. Masthead Maine Publisher Lisa DeSisto and her team will remain at the head of the papers.

“The National Trust for Local News believes, like I do, in investing in sustainable business practices and using philanthropy to fuel the mission, rather than to subsidize it,” Brower said in a notice to employees that was obtained by the Bangor Daily News. “They are committed to working with local stakeholders, including the Maine Journalism Foundation, to keep Maine journalism strong and vibrant.”

The sale put to bed the worries that a large, out-of-state newspaper chain or a hedge fund might buy the newspapers and drastically cut staff, further hastening the decline of local news in Maine.

DeSisto notified employees that they would need to sign job offers under the same terms and benefits before Aug. 1, when the new entity will be launched.

Read more here.