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Rep. Pingree's spouse intends to give a boost to MaineToday Media, loan announced
PORTLAND, Maine (AP) ' The spouse of Maine U.S. Rep. Chellie Pingree hopes to give a boost to the financially struggling company that owns The Portland Press Herald, helping it to pay down debt and to grow.
MaineToday Media announced Friday that it had reached terms with Maine Values LLC that includes a loan valued at between $3 million and $4 million. Maine Values is owned by North Haven resident S. Donald Sussman, a wealthy financier and philanthropist who's married to Pingree.
Sussman, who'll own a 5 percent stake and have a seat on the board, told The Portland Press Herald (http://bit.ly/xrjuKh ) that he won't be involved in daily operations or editorial policy.
MaineToday Media owns and operates the Kennebec Journal, the Morning Sentinel and the Coastal Journal, in addition to The Portland Press Herald and several digital properties.
Information from: Portland Press Herald, http://www.pressherald.com