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US Rep's spouse buys stake in MaineToday MediaUS Rep. Pingree's spouse buys 75 percent stake in MaineTodayMedia
PORTLAND, Maine (AP) ' The husband of U.S. Rep. Chellie Pingree has purchased a 75 percent stake in MaineToday Media, the financially struggling company that owns The Portland Press Herald and two other daily newspapers.
S. Donald Sussman's Maine Values LLC previously announced it would provide a $3.3 million loan for a 5 percent equity stake and a seat on the board. The final restructuring plan, completed Tuesday, calls for Maine Values to provide the same amount of money as a straight stock purchase.
Sussman, of North Haven, is a hedge fund manager and philanthropist who wed Pingree last year.
He said in a statement that he has no interest in exerting any editorial control. He said he's "just happy that the MTM newspaper business is secure and now has a chance to grow."
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