Seattle Times Completes Sale Of Maine Properties

Connor declined to comment further Monday but planned to discuss details at a news conference Tuesday, said Dennis Bailey, his spokesman in Portland.

In lining up financing, Connor teamed up with HM Capital Partners, a private equity firm in Dallas that also owns the Wilkes-Barre paper. Connor formerly served as president and publisher of the Fort Worth Star-Telegram.

Seattle Times Publisher Frank Blethen said his family was reluctant to sell the Maine newspapers but needed to focus its attention on its newspapers in Washington. He noted that his great-grandfather Alden Blethen, who founded the Seattle Times in 1896, was a Maine native and his family had a special affinity to Maine.

"Local, independent newspaper ownership best serves communities, and we are pleased Rich Connor was able to put together a group to buy Blethen Maine Newspapers," Blethen said.

The closing of the sale followed a vote late last month by the Portland Newspaper Guild to accept a 10 percent pay cut and other contract concessions in return for a 15 ownership stake in Connor's new company, MaineToday media.

"Our ownership stake will motivate workers and increase morale across the new company. We are proud of what we have accomplished here and are excited about the future," said Tom Bell, union president.