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Remember those Maine papers that the Seattle Times bought, reportedly because a young Ryan Blethen thought it'd be awesome to own papers in Maine ?

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Times One Step Closer to Selling Its Maine Papers

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Remember those Maine papers that the Seattle Times bought, reportedly because a young Ryan Blethen thought it'd be awesome to own papers in Maine? The ones that have forced the Times to take out liens on its Fairview property? It looks like they might finally be sold, to a guy named Richard Connor. The reason the sale may go through is that the chain's union has agreed to a pay cut:

Members of the union at the Portland Press Herald/Maine Sunday Telegram voted 153-19 in favor of the new contract. It calls for a 10 percent pay cut, a two-year wage freeze and a suspension of company contributions to employee pension and 401(k) plans.

In exchange, employees will receive 15 percent of any increase in the company's value in the form of an employee stock ownership plan. They also will have a say, through seats on a board of directors, in how the company is run.

It's too bad Ryan didn't tell Frank it'd be awesome to own an NBA team.

 
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