Parent completes sale of its Maine properties
PORTLAND, Maine - The financially struggling Seattle Times Co. yesterday sold its Blethen Maine newspapers, including the Portland Press Herald, and Maine Sunday Telegram, to an investor group led by a Pennsylvania publisher.
Terms of yesterday's sale were not disclosed.
The Seattle Times was reported to have paid upward of $200 million in 1998 for the former Guy Gannett chain, but the price that newspapers fetch has declined sharply amid a drop in ad revenues and the migration of readers to the Internet.
Guy Gannett was not related to Gannett Co.
Blethen Maine also includes the Kennebec Journal in Augusta, the Morning Sentinel in Waterville, and mainetoday.com.
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