PORTLAND (AP) – The Portland Press Herald’s new owner says his company has reached an agreement to sell its downtown real estate.
An affiliate of MaineToday Media Inc. announced Wednesday that local developer John Cacoulidis has 30 days to complete the purchase of the newspaper building on Congress Street, the former printing press building and part of a nearby parking garage.
The purchase price was not disclosed.
Richard Connor, CEO of MaineToday Media, said the sale will reduce debt and help put the company on a strong financial footing.
He said that once the sale is final, the newspaper will begin moving some employees to its South Portland printing plant and lease in-town office space for others.
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