Invest In Local News - Bring it home to Maine People

Maine’s largest news organization is for sale.

Employee ownership is the best way to foster quality journalism.

The newspapers’ unions are ready to work with local partners.

Dear readers,

We want you to know that while the Blethen family is leaving Maine, we are not.

The people who write, edit, produce, print, and deliver your newspaper and Web sites will continue to be your neighbors and will remain committed to creating high-quality journalism long after the sale is final.

As the largest news organization in Maine, no other media organization can equal the reach of the 600-plus employees of the Portland Press Herald/Maine Sunday Telegram, The Kennebec Journal, The Morning Sentinel of Waterville and MaineToday.com.

We believe local employee ownership is the best way to protect these institutions that connect our communities and protect our democracy.

The Omaha World-Herald in Nebraska and the Monroe (Michigan) Evening News are two examples of newspapers that have been successfully organized under what are known as Employee Stock Ownership Plans, or ESOPs.

Maine employee-owned businesses include Maine Oxy Supply in Auburn, Howell Laboratories in Bridgton, Moody’s Collision Centers and the Pittsfield-based Cianbro construction company.

One option for our newspapers is an S corporation structure that makes use of an ESOP. Investors would benefit from a tax-advantaged status.

We think an employee-ownership model backed by community-minded investors is the best way to keep our newspapers out of the hands of a low-budget operator who would be more interested in maximizing profits than serving our communities.

For our bid to be successful. we need to work with backers who are ready to make an investment to sustain and improve these important institutions as we expand on the Web and beyond.

The newspapers are currently profitable, and our partners will profit from their investments.

Christopher Mackin of Ownership Associates in Cambridge, Mass., is helping us with this process. He has experience with these issues and will work with potential partners to put together a proposal that can work for all parties.

Keep abreast of our efforts at this Web site.

Frank Blethen said that he wants to complete a sale by the end of this year, but the process has already begun. Any members of the community who want to consider this bold move should contact us as soon as possible, at 772-1202, or at info@yourhometownpaper.org.

This opportunity may not come around again.

Kathy Munroe, President of the Portland Newspaper Guild Local 128