Daily Item of Lynn, in same family for 5 generations, sold to local investment group

MarketsAssociated Press

The Daily Item of Lynn, which has been owned by the same family since 1877, has been sold to a local investment group.

Publisher Peter Hastings Gamage, the fifth generation of the family to run the newspaper, announced Wednesday that an agreement has been signed by Hastings & Sons Publishing Co. to sell the newspaper and its companion website to Essex Media Group.

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The price of the sale was not disclosed. The paper sells about 50,000 copies weekly.

Essex Media is headed by Ted Grant, the principal of Grant Communications Consulting Group and a former Item editor.

Gamage said selling to local ownership was important. He said the sale was necessary because of unsustainable legacy financial issues.

Grant says he remains committed to community connections and involvements.

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Information from: The (Lynn, Mass.) Daily Item, http://itemlive.com