A nonprofit group that partnered with a nationwide media nonprofit to purchase Masthead Maine is about to dissolve now that the newspaper sale has been finalized.
The Maine Journalism Basis, together with funding from the Nationwide Belief for Native Information, bought the Portland Press Herald, plus 4 different each day and 17 weekly newspapers in July.
The remaining funds within the Maine Journalism Basis’s coffers shall be transferred to the Maine Belief for Native Information, which is assessed as a “low revenue legal responsibility” firm by the state, and is a subsidiary of the Nationwide Belief, in line with the Press Herald.
In line with the Portland newspaper, the muse did not file its annual report by the June 1 deadline, and was at risk of being dissolved.
Though there is no such thing as a set date for the muse’s dissolution, it’ll seemingly stop operations quickly, in line with board president Invoice Nemitz. The $171,000 remaining within the basis’s funds shall be transferred to the Maine Belief for Native Information.
Reade Brower, who offered the Portland Press Herald and affiliated newspapers, maintained possession of six of the weeklies and a few unsolicited mail operations. He had purchased MaineToday Media, the mum or dad firm of The Press Herald, The Kennebec Journal and The Morning Sentinel, in 2015.
The ultimate worth of the sale of Masthead Maine’s media community has not been revealed.