Post by bob quarteroni on Feb 22, 2012 10:52:52 GMT -5
MaineToday Media Inc., the owner of the Portland Press Herald, said it received a multimillion-dollar loan from a Maine philanthropist that will help fund operations.
The loan, valued at between $3 million and $4 million, came from Maine Values LLC, a venture controlled by financier S. Donald Sussman. Sussman will own 5 percent of MTM.
Sussman stepped in after another group, 2100 Trust, ended negotiations to buy MTM. According to the Press Herald, the group was unable to reach agreement with MTM management over its business plan and demands for wage and job cuts were rejected by Guild members.
The deal should end a rocky period for the Press Herald and its sister papers, which were purchased by Richard Connor and HM Capital partners in 2009 from The Seattle Times Co.
Connor left late last year after a management dispute and HM placed the company for sale. With the cash investment, HM will continue to be majority owner, the Press Herald said.
In a related development, MTM promoted Pat Sweeney to chief operating officer from chief financial officer. It also named Cliff Schechtman executive editor of its newspapers and associated websites.
In addition to the Press Herald, MTM publishes the Maine Sunday Telegram, the Kennebec Journal, the Morning Sentinel in Waterville and the Coastal Journal in Bath.