Investment group Wrapports to acquire Chicago Sun-Times Media Holdings
22 Dec 2011
A Chicago-based newly created investment group Wrapports LLC is acquiring Sun-Times Media Holdings, the owner of the Chicago Sun-Times newspaper, according to a report on the newspaper's website.
Financial terms were not disclosed. , but the report, citing a source said that Sun-Times Media Holdings is being sold for more than $20 million.
The buyers include Michael Ferro Jr., chairman of Merrick Ventures, a private equity firm that deals with technology companies and Timothy Knight, the former publisher of Newsday, who will become the CEO of the company.
The acquisition, for an undisclosed sum, includes Chicago-area daily newspapers, weekly newspapers and more than 40 websites. The transaction is expected to close by year's end.
Sun-Times Media had filed for bankruptcy protection in March 2009, and later that year, Mesirow Financial Holdings CEO and president, James Tyree led an investment group to acquire the group for $5 million and $20 million debt.
Itt is being speculateed that that Sun-Times Media Holdings is being sold for a figure over $20 million.