The investors seeking to buy a majority of MaineTodayMedia – publisher of the Portland Press Herald, Kennebec Journal and Morning Sentinel – demanded fifty changes to the contract before they would agree to the purchase.
Today, the Portland Newspaper Guild rejected those changes, so the 2100 Trust will not be making its purchase.
Without the infusion of money, the company faces bankruptcy. MaineToday Media is $7.6 million in debt, reports Al Diamon.
Some sources told Diamon that bankruptcy might be a preferred option to the deal, which wasn’t guaranteed to keep the company out of bankruptcy anyway. But Guild president Tom Bell denies that:
“We have no illusions about bankruptcy,” Bell said. Bankruptcy is not a good place for us. We understand that.”
- Top Journalism Conferences for Students & Educators to Attend in 2014
- CareerCast Announces Most Stressful Jobs of 2014: Newspaper Reporter & PR Exec Make the List
- Downsized Journalist Raises More Than $7,000 to Pay Rent
- Journalism Student Defends Major: 'We're Headed Into an Industry That is Alive and Kicking'