Family to pass stewardship of Item to local investors

LYNN – With a decision that signals the end of an era, the family that has owned The Daily Item since its founding in 1877 announced to employees Wednesday that an Asset Purchase Agreement has been signed by Hastings & Sons Publishing Company to sell The Daily Item and its companion website itemlive.com, among other selected assets, to Essex Media Group, comprised of local investors.Hastings & Sons president Peter Hastings Gamage, the fifth generation of Hastings and descendant Gamage family to oversee 136 years of company operations, said the need for a new business model with additional resources to keep the company strong in a rapidly changing media environment, as well as some unsustainable legacy financial issues, drove family shareholders to their decision. In addition to Gamage, other family shareholders include Judy G. Kelly, Kathryn G. Green and Virginia A. Gamage.Gamage said successful completion of the agreement could lead to a change of ownership within the next 30 days. Financial terms and other conditions were not disclosed.Essex Media is headed by Ted Grant, the principal of Grant Communications Consulting Group of Lynn.”We sought local ownership who would continue our family’s commitment in the community,” Gamage said. “I’ve known Ted for more than 35 years – he began his career at The Item – and also worked with him on the Lynn Business Partnership and the Agganis Foundation. I know he can create coalitions and build consensus. I’m confident The Item will be in good hands.””We are honored to be selected by the Gamage family members to carry on the legacy of the Gamage family,” said Grant, a former Item sports and news editor who worked for Gamage and his late father. “I believe it was Peter’s intent to keep the paper in the hands of local ownership rather than let it be acquired by a chain, which could have lessened local connections and community involvements. We appreciate and embrace that responsibility.””For my family, it’s a moment that gives us pause and reflection,” Gamage said. “Personally, I’ve loved being involved in The Item, the industry and the community in general for more than 40 years … and I’m not even counting being an office boy or news intern during a string of summers as a teenager!”It’s been a wonderful experience to have gone through a number of developments during advancing cycles in the newspaper industry and to have positioned The Item and itemlive.com to be a part of it. Scores of our employees over many decades have helped us accomplish that, and we are very grateful.””Most important, though,” Gamage said, “as a company we have been extremely fortunate to have had generations of loyal readers and advertisers to thank for supporting us throughout our 136 years of family ownership. We have a wonderful appreciation for the friendships and partnerships we’ve developed.”Grant said the new ownership looks forward to enhancing those relationships and developing new ones.”We are firm in our belief in The Item as a comprehensive community newspaper and website, and we are committed to serving as the conduit for local information that our readers cannot get elsewhere, especially in this time of a 24-hour news cycle,” Grant said.”The family is confident that The Item and itemlive.com will continue its mission and commitment to the community under new ownership. That was Essex’ commitment to us,” Gamage continued, “and investors having personal and/or business roots in Lynn gives us that confidence level as they undertake their stewardship.”