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Masthead Maine Sells 22 Local Newspapers to Non-Profit

“This could be the most important moment in the history of Maine journalism.”

Maddy Troy

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Non-profit organization The National Trust for Local News has announced its purchase of 22 Maine newspapers from Masthead Maine. Masthead Maine is the majority owner of independent media outlets in the state. Reade Brower, owner of Masthead Maine expressed his interest in selling this year.

According to The New York Times, the deal encompasses five daily papers and 17 weeklies, according to Elizabeth Hansen Shapiro, CEO of the National Trust for Local News. Residents of Maine expressed support for nonprofit ownership after a request by Bill Nemitz, a columnist for The Portland Press Herald, urging readers to donate to preserve local journalism in the state.

“We firmly believe in the power of independent, nonpartisan local journalism to strengthen communities and forge meaningful connections,” Ms. Hansen Shapiro said. “We understand the pivotal role that Masthead Maine and its esteemed publications play in serving the communities of Maine with reliable, high-quality news.”

The transaction is anticipated to be finalized by the end of July, with no specified sale price.

The acquisition includes The Portland Press Herald, The Sun Journal, The Kennebec Journal, The Morning Sentinel, and The Times Record. The Bangor Daily News will continue to be owned by the Bangor Publishing Company.

“This could be the most important moment in the history of Maine journalism,” Steve Greenlee, the executive editor of The Portland Press Herald and The Maine Sunday Telegram, said in an email. “Our news report has always strived to serve the public good, and now our business model will align with that mission.”

Numerous local newspapers have ceased operations over the past two decades due to declining print circulation and advertising revenue. Distressed assets have often been acquired by private equity firms and hedge funds, leading to further reductions in newsrooms. Alden Global Capital has become the nation’s second-largest newspaper operator.

The News Guild of Maine’s executive board, representing nearly 200 workers at the papers, expressed gratitude that Mr. Brower opted for a nonprofit business model rather than selling to entities that have negatively impacted news organizations nationwide.

The board believes the nonprofit model can better sustain journalism as both a consumer product and a public good. “We see the nonprofit model as one that can better sustain journalism’s dual nature as both a consumer product and a public good,” the board said.

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Media Business

CBS News Adds New Roles, Duties for Editorial Leaders

CBS News president Ingrid Ciprian-Matthews announced on Thursday the various changes.

Eduardo Razo

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A photo of the CBS News logo

On Thursday, Ingrid Ciprian-Matthews, the recently appointed president of CBS News, revealed several changes to the editorial leadership.

Terri Stewart is now the senior vice president of domestic newsgathering at CBS News. Furthermore, Stewart will oversee the domestic bureaus and manage bookings. Kaci Sokoloff will support her in this role.

Shuffling doesn’t stop there. London bureau chief Andrew Roy now oversees all CBS News international bureaus. Jose Diaz, who leads the network’s foreign desk, will now report to Roy.

David Reiter’s team at CBS News will extend their role to cover significant reporting beats beyond Washington, D.C. They will work with CBS Stations and the Innovation Lab to find prospects for joint national and local news coverage and continue producing special events programming.

Additionally, Kate Zuckerman was promoted to VP of affiliate relations and special events planning. Beth Boyle was elevated to national and planning editor, overseeing editorial content and managing desk operations.

CBS is adding two political investigative producers, led by Matt Mosk, to its growing investigative team. The group will now be incorporated into the Washington D.C. Bureau and report straight to bureau chief Mark Lima.

Finally, Ciprian-Matthews notified staff that the network is hiring an Executive Producer of Daily News.

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Media Business

Experts ‘Don’t See a Buyer’ for ABC

Sources close to the situation say Nexstar isn’t in a good place to pay what Disney would probably demand for ABC.

Eduardo Razo

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A photo of the ABC logo.

Last week, The Walt Disney Company found themselves in the news after a report surfaced noting that they could be looking to offload ABC. Bloomberg revealed that Nexstar Media Group had initial talks with Disney to acquire the television station.

Furthermore, media mogul Byron Allen has offered $10 billion to buy ABC. Still, despite the rumors of a possible sale, various insiders tell The New York Post that they don’t believe Disney will be offloading ABC.

Sources close to the situation told the Post that Nexstar isn’t in a good place to pay what Disney would probably demand for ABC.

“Everyone is way ahead of their skis on this story,” a banker told the Post. “They don’t know what is happening here. Disney taking a meeting doesn’t mean you’re ready to sell, it means you’re getting offers. This is something evolving over many weeks.”

Disney CEO Bob Iger announced in June that legacy television assets, such as ABC, may not be deemed core assets for the company going forward. Nevertheless, some cynics noticed it as Iger inviting a deep-pocketed bidder to come forward. Thus far, none have emerged.

“He told the world if someone wants to put a really big number on these assets he will sell,” a second banker told the Post. “I just don’t see a buyer.”

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Media Business

SiriusXM CEO: New Streaming App to ‘Enhance’ Subscription Value

Witz shared the company’s planned launch of a next-generation streaming app later this year to draw younger, more diverse audiences and deliver improved search suggestions and other elements.

Eduardo Razo

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SiriusXM aims to increase listenership beyond cars and enhance channel personalization and mobility.

Last month, it was revealed that Suzi Watford was tasked with constructing what she anointed the “next-gen SiriusXM” for its 34 million paying subscribers, helping it reach listeners outside the car.

Recently, CEO Jennifer Witz shared an update on how the process is going for SiriusXM in their efforts to reach listeners on different platforms during a webcast session at the recent Bank of America Securities Media, Communications, and Entertainment Conference.

“It’s really about how do we continue to enhance the value of our subscriptions and [showcase] this tremendously valuable set of content that really speaks to every audio genre,” Witz said. 

Witz shared the company’s planned launch of a next-generation streaming app later this year to draw younger, more diverse audiences and deliver improved search suggestions and other elements.

“The biggest gap we found is being able to get consumers into the content they love,” Witz added. “In the car, it’s been very much about turning the dial or hearing the on-air promotion, or get the email and then go find the content.

“We’re going to be able to make it much easier for our in-car subscribers to carry their listening forward into streaming devices, and vice versa, in a very seamless way. So ultimately, I think it’s not going to be about streaming subscribers or in-car subscribers, but really just about subscribers, because we’re pretty indifferent as to how they listen or where they listen.”

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