Brunswick News, part of the Irving family's vast industrial holdings in Canada, is kicking the tires of Blethen Maine Newspapers, which is owned by the Seattle Times Co. The Irvings own most of the newspapers in the province of New Brunswick plus companies that do business in adjoining Maine.
According to McClatchy, its 49.5 percent stake in the Washington and Maine newspaper company is worth a mere $9.9 million. While that figure signifies little, the fact it keeps shrinking is a bad sign.
If the Seattle Times Co. can't sell its Maine subsidiary, the consequences could be severe — including closure of three of that state's biggest dailies and loan default for the parent company, according to newly filed legal documents. And while a deal might seem imminent, the Times Co. calls it "hig
A group that includes a former senator is negotiating to buy Blethen Maine Newspapers. But back home, the Seattle Times faces another fiscal challenge — the Teamsters and a possible labor action.
To satisfy lenders, the company says, it will impose another round of cuts — the fourth in a year — at its Portland, Maine, newspaper.
