An investment group led by a former Chicago alderman and a coalition of labor unions are the new owners of the Chicago Sun-Times, officials announced Thursday.
The group, called ST Acquisition, made the acquisition official in a statement detailing an afternoon news conference. Former Alderman Edwin Eisendrath and representatives from the Chicago Federation of Labor and Sun-Times were expected to attend.
“We are investing in a journalistic voice that’s genuine, accurate and consistently reporting news that matters to the people of Chicago,” Eisendrath, who will serve as CEO of the Chicago Sun-Times, said in an emailed statement.
Eisendrath, who left the City Council when President Bill Clinton appointed him to a Department of Housing and Urban Development post, submitted a bid last month after Sun-Times owner, Wrapports LLC, announced it would enter into discussions with Tronc Inc., owner of rival Chicago Tribune, to sell the paper.
Eisendrath said he was concerned that if Tronc took over the newspaper, the sale would lead to the demise of the Sun-Times, even though Tronc promised to run two separate newspapers. Tronc also owns the Los Angeles Times and other major newspapers.
ST Acquisition didn’t disclosed details of the deal, including the complete list of investors. Along with the Sun-Times, ST Acquisition Holdings will own the Chicago Reader and other publications. Eisendrath has previously said the investor group had raised about US$15 million.
Full Content: Wall Street Journal
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