A nonprofit organization that partnered with a national media nonprofit to buy Masthead Maine is set to dissolve now that the newspaper sale has been finalized.
The Maine Journalism Foundation, along with funding from the National Trust for Local News, purchased the Portland Press Herald, plus four other daily and 17 weekly newspapers in July.
The remaining funds in the Maine Journalism Foundation’s coffers will be transferred to the Maine Trust for Local News, which is classified as a “low profit liability” company by the state, and is a subsidiary of the National Trust, according to the Press Herald.
According to the Portland newspaper, the foundation failed to file its annual report by the June 1 deadline, and was in danger of being dissolved.
Although there is no set date for the foundation’s dissolution, it will likely cease operations soon, according to board president Bill Nemitz. The $171,000 remaining in the foundation’s funds will be transferred to the Maine Trust for Local News.
Reade Brower, who sold the Portland Press Herald and affiliated newspapers, maintained ownership of six of the weeklies and some direct mail operations. He had bought MaineToday Media, the parent company of The Press Herald, The Kennebec Journal and The Morning Sentinel, in 2015.
The final value of the sale of Masthead Maine’s media network has not been revealed.
