Seattle Times Completes Sale Of Maine Properties

The Maine newspapers, like many across the country, have undergone a series of layoffs in recent years, and additional job losses are anticipated.

The newspapers have about 500 employees and a combined circulation of nearly 100,000 daily and 135,000 Sunday.

Burdened by debt, the Seattle Times put Blethen Maine on the market in March 2008. Connor's team, which initially included former Department of Defense Secretary William Cohen, quickly emerged as the most likely buyer and was given exclusive rights to negotiate a sale.

Independent newspaper analyst Alan Mutter, who's based in San Francisco, said the Maine newspapers are the predominant ones in their market and can have a successful future as long as their cost structure is under control.

"If there's any place that's the sweet spot of the publishing business, it's in a fairly isolated market where there are limited other sources for local news and limited other vehicles for advertising," Mutter said.