Investment group Maine Media Investment LLC has agreed to buy Blethen Maine Newspapers. The price of the deal and its terms, and the exact date of the final sale are not yet known, the Associated Press reported Thursday.

“Although the sale is still contingent on the buyer obtaining a portion of its financing, both parties are optimistic that the transaction will close, despite tight credit markets,” said Charles Cochrane, president and CEO of Blethen Maine Newspapers.

Blethen's parent company, Seattle Times Co., announced it would sell its media holdings in Maine, United States, eight months ago. A letter of intent announcing plans to put Maine Media Investment on the market was sent in July and the different sides have been discussing the sale since then, the AP reported in an article posted by the Boston Herald.

Blethen Senior Operating Partner Richard Connor, also editor and publisher of The Times Leader in Pennsylvania, said that it may still be early to talk about possible restructuring of jobs, operations or production. According to the AP, the Maine titles have already shut down some offices, cut expenses and cut staff this year.

“The deal could fall apart, unless they have their financing lined up,” Editor & Publisher Associate Editor Jennifer Saba told the AP. “The fact that they don't have their financing is a red flag for me.”

The newspaper group owns newspapers across Maine, including the Portland Press Herald/Maine Sunday Telegram, the Atlanta-based Kennebec Journal, Waterville's Morning Sentinel, and various other news outlets. The investment firm includes previous U.S. Defense Secretary William Cohen and business partners Robert Baldacci and Michael Liberty.