PORTLAND, Maine — The owner of 30 daily and weekly Maine newspapers, including the Portland Press Herald, told staff on Thursday that he is considering selling his media holdings.
Reade Brower told employees in a memo that at 66 it's time to begin seeking a new owner for his Mastead Maine holdings or partnering with another investor, the Portland Press Herald reported.
“The truth is I am beginning the search for what’s next, whether that be a new steward or perhaps partners willing to join me in carrying the torch,” he wrote. He said that he's open to different options, including transforming the business into a nonprofit.
Masthead Media is the banner for five daily newspapers in Portland, Augusta, Waterville, Lewiston and Brunswick, in addition to 25 weeklies and a half-dozen specialty publications, according to its website.
Brower said he's working “without urgency or desperation" as he seeks a pathway that’s “best for all the stakeholders including the employees, the readers, the state of Maine as a whole."
Brower purchased MaineToday Media, the parent company of the Press Herald, the Kennebec Journal and Morning Sentinel, in 2015 and added newspaper groups and newspapers over the next several years.