The Honolulu Star-Bulletin reported Thursday that a group of local business leaders has purchased a minority stake in the newspaper and a sister publication, MidWeek. David Black and his Black Press Ltd. will retain majority ownership.
Terms of the deal were not disclosed, but Black said the investments will be used to pay off the newspapers’ debt.
The Star-Bulletin reported that the deal isn’t expected to affect daily operations or editorial content.
The new investors include a local real estate and media investor, banking executive, and attorney. In the Star-Bulletin story, Black described them as “long-term patient investors” who “want to ensure that two dailies remain in Honolulu forever.”
Black purchased the Star-Bulletin last year. Honolulu’s other daily is the Gannett-owned Advertiser.