Bangor Metro Regional Magazine to be Sold to Private Investors
Sister publication Maine Ahead remains for sale.
Bangor Metro, a six-year old business, lifestyle and opinion magazine serving the Bangor, Maine region, will be sold next month to a group of investors within the cityâ€”principally Jack Cashman of Cashman Asset Management, a long-time Bangor businessman.
The monthly title has a circulation of 11,000 and is profitable, according to former publisher Mark Wellman, who founded the magazine under parent company Webster Atlantic Corporation. Websterâ€™s other publications included Real Maine Weddings, which Wellman says has been bought by two of the companyâ€™s employees, as well as Maine Ahead, which is still for sale.
Cashman has hired several of the magazineâ€™s employees, not including the editor, publisher, a salesperson and the bookkeeper, to create a total staff of six.
â€śItâ€™s been a tremendously gratifying experience to produce something that people truly appreciate,â€ť says Wellman. â€śIâ€™m glad at least two of the titles will continue to be published.â€ť
Maine Ahead, a statewide business title published ten times per year, launched in January 2010 and has struggled financially, according to Wellman, who says, â€śWe put a plan together in 2008 to raise $400,000, but we didnâ€™t get anywhere near that. We were under capitalized in a difficult time. Even though people loved the magazine and it was extremely high quality, a series of events occurred this past year that forced us to consider selling the titles.â€ť A new issue of the magazine is set to hit newsstands next week, but Wellman says he has not committed to publishing additional issues beyond that one.
Wellman and a representative for Cashman declined to release terms of the deal.