MaineToday Media announced Feb. 10 that a multimillion-dollar loan will enable it to pay down debt and fund an ambitious growth plan.
In a story published in the company’s three daily newspapers, MaineToday Media said it has reached terms with Maine Values LLC that includes the loan, valued at $3 million to $4 million. Maine Values is owned by S. Donald Sussman of North Haven, a wealthy financier who is the husband of U.S. Rep. Chellie Pingree, D-Maine.
Sussman will own a 5 percent equity stake in the company and have a seat on the board of directors, said the story in The Portland Press Herald, the Kennebec Journal and the Morning Sentinel.
Sussman said he won’t be involved in the daily operations of the newspapers or in hiring and news coverage.
Read the full story.