Maine’s largest media group, including the Portland Press Herald and several other daily newspapers, has been sold to the National Trust for Local News, a nonprofit organization. The terms of the deal have not been disclosed.
The sale of the media group, which also includes the Lewiston Sun Journal, the Kennebec Journal, the Morning Sentinel, and the Times Record, comes after months of uncertainty surrounding its future. Owner Reade Brower announced in March that he was exploring a sale, sparking concerns that venture capital groups or hedge funds would take over the publications and remove them from local hands.
In an interview with the Press Herald, Brower stated that there were other options for the sale but declined to provide further details. However, he expressed that the nonprofit owning the for-profit company in a “hybrid” approach appealed to him, as it provides sustainability for the newspapers.
Masthead Maine leadership, including CEO Lisa DeSisto and Executive Editor Steve Greenlee, praised the news of the sale. Bill Nemitz, a newly retired Press Herald columnist who launched the Maine Journalism Foundation earlier this year, which aimed to acquire the publications, also hailed the deal. Nemitz stated that the Foundation worked closely with the Trust during the sale process and will continue the partnership after the sale goes through.
It remains unclear what the new ownership will mean for the operations of Masthead Maine, which employs around 400 people. As a nonprofit, the National Trust is eligible for philanthropic backing, but the publications will still generate revenue. DeSisto and her staff will continue to manage the newspapers under the new ownership, with employee benefits remaining unchanged for now. The Trust will also recognize the four unions representing the media group’s employees.
The News Guild of Maine, representing nearly 200 employees at the Press Herald and the Morning Sentinel, expressed optimism about the sale. The union stated that it would seek a meeting with the National Trust to learn more about the changes ahead under the new ownership.
The sale marks the Trust’s second major acquisition since its founding in 2021. The organization previously partnered with the Colorado Sun to purchase 24 Colorado newspapers. Hansen Shapiro, co-founder of the Trust, stated that they have principles and strategies for sustainability and enhancing the quality of local service, but the details for the Maine newspapers will be worked out in collaboration with DeSisto and community members.
The nonprofit newsroom model has gained popularity as local news deserts continue to grow and circulations decline. According to the Institute for Nonprofit News, over 135 nonprofit newsrooms were launched from 2017 to July 2022. Maine already has a few nonprofit outlets, such as the Maine Monitor and Amjambo Africa.
Brower expressed confidence in the Trust’s ability to envision the future of the newspapers, stating, “I took care of the previous decade. It’s their job to figure out how to envision what the next decade’s going to look like.”
With the sale of Maine’s largest media group to the National Trust for Local News, there is hope that the publications will continue to thrive under nonprofit ownership, ensuring independent and sustainable local journalism for the communities they serve.