After 30 years of corporate ownership, the Nantucket Inquirer and Mirror will be sold to an island-based ownership group, editor and publisher Marianne Stanton announced Thursday.

A closing date of Nov. 1 has been set to transfer the historic weekly newspaper from Gannett to 41 North Media, a group of investors led by Nantucket resident David Worth. Terms of the deal were not disclosed.

“Although our corporate parents have largely been ‘hands-off’ with our operations, I’ve always thought that the newspaper would be in the best long-term position with local ownership,” Ms. Stanton said an email announcing the sale.

Founded as The Inquirer in 1821, the Inquirer and Mirror was formerly owned by Ms. Stanton’s family. It was sold in 1990 to Dow Jones/Ottaway, and has undergone several corporate ownership changes since. Ms. Stanton has worked at the paper since 1981 and has been editor and publisher since 1993.

She said the sale resulted from a conversation she had with Mr. Worth this summer.

A retired international businessman, Mr. Worth is chairman of the board of the Residences at Sherburne Commons Inc., a nonprofit founded in 2015 to purchase Nantucket’s only senior living community out of bankruptcy and restore it to fiscal and operational health. He also serves on the board of the Nantucket Historical Association and recently held the positions of interim executive director at the NHA and the Nantucket Conservation Foundation.

“With his long background in finance and ties on the island, he put together a small group of civic-minded individuals with a long-term history with the island who recognize the value newspapers play in a community and wanted to make this happen,” Ms. Stanton said.