Owner of Portland Press Herald in Maine and its affiliate newspapers announced on Monday that a nonprofit group will purchase the operation for a non-disclosed amount.
Press Herald reports that the National Trust for Local News entered into an agreement with Masthead Maine to buy the Portland Press Herald as well as all other assets, including the Portland Press Herald.
The deadline for submissions is late July.
“This is the most independent route I think I could have taken that maintains both the independence of the press and continuity for staff and readers,” Reade Brower, owner of Masthead Maine, said in an interview published by the Press Herald. “I believe they want to continue to run this as a sustainable business, which I like, and I don’t believe they will try and drain resources, which I like.”
Related Story: Reade brower has always followed his instincts and heart.
Maine has several nonprofit news outlets, such as The Maine Monitor (also known as The Maine Monitor), Maine Public, The Harpswell Anchor and Amjambo Africa.
The Monitor is a digital news organisation that has been around for 13 years. It offers its content free to readers as well as to traditional news organizations. The Bangor Daily News and the Press Herald frequently republish the Monitor’s stories.
“It’s welcome news that Masthead Maine’s newspapers will go to an organization interested in the survival of local news,” said Micaela Schweitzer-Bluhm, Executive Director for The Maine Center for Public Interest Reporting, the nonprofit organization that publishes The Maine Monitor.
“We look forward to continuing to partner with Masthead publications and providing them with The Maine Monitor’s robust, independent reporting free of charge to help inform their readers,” she continued.”
The Monitor asked the Trust about the funding for the purchase on Monday afternoon.
In an interview with the podcast “What Works” last year, Elizabeth Hansen Shapiro, CEO and co-founder of the National Trust for Local News, said the organization planned to put extensive resources into the papers it acquires.
“So many of these papers are in such dire need of investment in their staff and their product,” said Hansen Shapiro, that “for every dollar of acquisition cost you need $3, $4, $5, of investment over 3-5 years to bring these papers up to a new standard of quality and service.”
Here’s what we know so far:
According to its IRS statement, The National Trust for Local News reported $2.79 Million in assets for 2021. Its headquarters are in Lexington, MA.
“The National Trust for Local News is a nonprofit dedicated to keeping local news in local hands,’’ it says in a filing to the IRS. “We work with communities to catalyze the capital, new ownership structures, and business model transformations needed for established local and community news organizations to thrive and remain deeply grounded in their communities.’’
The trust was created in 2021. According to Hansen Shapiro’s August interview, the trust also owns 24 community papers in suburban Denver. The transaction was financed by a loan from FJC.
The Press Herald reported that all dailies, and 17 weekly publications owned by Brower were included in the deal. The Bangor Daily News stated that Masthead Maine publisher Lisa DeSisto will continue to lead the paper.
Maine’s publications are largely, if they are not entirely, digital, while readers and advertisers across the country have been abandoning print. Hansen Shapiro told the Press Herald that the newspapers would continue to depend on subscriptions and advertising revenue.
According to the Press Herald, the trust has promised to “recognize the four labor unions currently representing Masthead employees and will honor their contracts.’’ Masthead Maine has about 400 full- and part-time employees. “DeSisto said employee benefits will continue unchanged through the end of the year while more details of what the sale will mean are worked out,’’ the Press Herald reported.
Brower revealed in March that his company was considering a possible sale. Bill Nemitz, a retired Press Herald journalist, revealed last year that he, along with two supporters, had formed the Maine Journalism Foundation.
That foundation told supporters Monday their donations will be used to help fund the sale of Masthead Maine to the National Trust, according to the Press Herald.
“More details will be forthcoming in the days and weeks ahead on the operating structure of the new nonprofit entity,” the email from the Maine Journalism Foundation said, according to the Press Herald. “Until then, rest assured that the future for local news in Maine has never been brighter.”
The Maine Monitor is an independent, nonprofit news service that reports on Maine institutions and government. Our investigative team uses data and documents to create stories that make a difference.