Posted Mar. 17, 2008
Seattle Times Co., citing ongoing challenges in the industry and the need to focus on the future of its Washington newspapers, has announced it will explore the sale of its Blethen Maine Newspapers.
The sale would include the Portland Press Herald/Maine Sunday Telegram, the Kennebec Journal, the Morning Sentinel and MaineToday.com.
"We have been proud to be the stewards of these newspapers for the last 10 years. They provide their community with high-quality, independent journalism that is in keeping with the best traditions of the Seattle Times Company," said Frank Blethen, Seattle Times CEO and publisher. "We wish our stewardship could continue indefinitely, but the difficult business environment and continuing uncertainties require we consider other options."
"The decision to explore a sale was painful. But a sale may be the best opportunity for the long-term survival of our newspapers in Washington and those in Maine," Blethen said.
Chuck Cochrane, CEO and publisher of Blethen Maine Newspapers, said he does not anticipate this decision will require changes in policies or operations of the newspapers while a sale is being explored. The three Blethen Maine Newspapers have about 500 employees and combined circulation of about 101,000 daily and 136,900 Sunday.
The company has engaged Dirks, Van Essen & Murray of Santa Fe, N.M., as a broker to assist with the potential sale.
