The Department of Justice is requiring the owner of Chicago Sun-Times to openly solicit bids from alternative buyers after the Wrapports informed antitrust enforcers that it planned to sell the paper to its local rival, Tronc , the owner of the Chicago Tribune.
Wrapports disclosed Monday that it planned to sell the Sun-Times to Tronc in 15 days if no other viable buyer expresses “substantial interest” in buying the paper, which can trace its roots to the founding of the Chicago Daily Journal in 1844.
Before announcing plans for the sale, Wrapports informed the DOJ’s Antitrust Division that it is seeking a buyer that will continue to publish the newspaper and that it will sell to Tronc if no other viable buyers come forward
According to Wrapports, the Antitrust Division requested that an advertisement to announce the Sun-Times and other Wrapports’ assets were for sale. Tuesday’s full-page ad was required so other potential bidders that were not previously contacted might come forward.
Potential bidders expressing interest within the next 15 days must begin due diligence and indicate a price range they are willing to pay for the Chicago Sun-Times and demonstrate they have the financial ability to operate the paper.
Full Content: Financial Times
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