Launch committee forms as buyer of Press Herald newspapers nears fundraise goal
The National Trust for Local News is forming a launch committee following its purchase of the former Masthead Maine newspaper empire, a trust executive told news media at the Maine Press Association annual conference in Portland on Saturday.
The committee will help with fundraising and developing the inaugural board that will run the newspapers, now known as the Maine Trust for Local News. The Portland Press Herald, four other daily and 17 weekly newspapers formerly part of Masthead Maine were sold to the national nonprofit in a deal for an unspecified price that closed on Aug. 1.
Ross McDuffie, chief portfolio officer for the national trust, said the committee is a work in progress as it tries to get a broader geographic representation of members. Philanthropist Justin Alfond and former University of Southern Maine President Glenn Cummings are among those already on the committee.
McDuffie said $18.1 million of a goal of $22 million has been raised for the purchase, and four dedicated fundraisers will focus on raising the remainder.
Terms of the deal have been shrouded in secrecy, with funders yet to be identified. Rumors swirled in September when the news site Semafor reported that a foundation tied to philanthropist George Soros and one linked to Swiss billionaire Hansjorg Wyss gave millions to the National Trust for Local News to buy the Maine newspapers.
A spokesperson for the foundation linked to Soros said it has not earmarked donations for specific national trust projects. Representatives for Wyss did not respond to requests for comment by the Bangor Daily News.
The BDN, a family-owned paper, takes donations from readers and generally discloses them online. The Maine Monitor, a nonprofit news organization, also discloses donors online. The national trust does have a list of donors on its website, but it does not detail which donor supported a particular trust project.
McDuffie said the Maine Trust for Local News will disclose its funders. He said donors do not have any say or influence over editorial direction at the newspapers.
The Maine Trust for Local News also is investing to upgrade its print capacity to be able to serve as a regional printer, part of the group’s efforts to diversify, he said.