April 14, 2008 Maine newspaper takes out its own Want Ad Play video

(Amy Sinclair, NECN: Portland, Maine) - These are tough times in both the newspaper and broadcast business. Some companies are downsizing and laying off workers to handle the decline in ad revenues brought on by the flagging economy. At Maine’s largest newspaper, employees are hoping to take control of their own economic future.

NECN’s Amy Sinclair has more.

Script:

You can pick up a copy of the Portland Press Herald at the local newsstand for 75 cents, but the 600 employees of the Blethen, Maine newspaper, are targeting investors who want to spend considerably more.

Tom: "We're hoping that a group of civic minded people with deep pockets will give us a call."

So the Portland Newspaper Guild took out an unusual "Want ad" in their own paper, the Maine Sunday Telegram, announcing their desire to partner with investors to buy the Press Herald, Kennebec Journal and Morning Sentinel from the Blethens who put the Maine papers up for sale - in March.

Valerie: "Right now, ad revenues have been declining. We're all floundering in the news business and a few of us are struggling quite a bit."

The employees’ bid is motivated in part by fear of what could come.

"A lot of us are worried that some bottom feeder from out of state may grab the paper, reducing staff and lowering the quality of the paper.."

There are at least a handful of other daily papers that are owned by employees under what is called an “employee

stock ownership plan.” It gives employees a financial stake in the paper's success and provides investors with a tax break.

Chris Mackin, who's in the business of helping employees own their companies, says it's a model that can work, if financial expectations are lowered.

Matthew Kill Meier, who teaches communications at the University of Southern Maine agrees.

Mathew: "The newspapers that are insulated from publicly traded stock pressures can be profitable and do well."

He says local investors will also see a value that transcends profit margins.

Just like all the people who advertise in the Want Ads, the newspaper employees hope their ad gets noticed.