PORTLAND, Maine (AP) - The sale of the Portland Press Herald, Kennebec Journal, Morning Sentinel and weekly Coastal Journal newspapers in Maine by wealthy hedge fund manager Donald Sussman has been completed.

PORTLAND, Maine (AP) The sale of the Portland Press Herald, Kennebec Journal, Morning Sentinel and weekly Coastal Journal newspapers in Maine by wealthy hedge fund manager Donald Sussman has been completed.

MTM Acquisition announced the transaction's completion Monday. The company is controlled by media executive Reade Brower.

Brower says he has offered jobs to 98 percent of employees at the same wages and benefits. He says the current MaineToday Media management team led by CEO Lisa DeSisto will stay in place and remain responsible for day-to-day operations.

As for the future, he says the newspapers have been growing circulation despite adding a paywall for online subscribers. He says the newspaper and digital media company has proved "giving content away online is not a viable business model."

Financial details of the sale haven't been disclosed.

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This story has been corrected to show the media executive's surname is Brower, not Bower.