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.

Since then, the Sun-Times has drastically reduced costs, cut its workforce and outsourced its printing operations to Tribune's Freedom Center.

The Chicago Sun-Times is Chicago's No. 2 newspaper, after The Tribune, and has a circulation of 389,353, according to the Audit Bureau of Circulations.

In April this year, the Sun-Times had won a Pulitzer for reporting on crime in local neighborhoods, its first 1989, when it won the prize for editorial cartooning.

"We look forward to introducing cutting-edge technologies, new content portals and other tools that will expand and drive richer and more satisfying content to readers, while providing more targeted and measurable promotion options for our advertising partners," Knight said in a statement.

"At a time when the public's appetite for news stories, photographs, videos and blogs has reached an unprecedented level, Sun-Times Media is poised to meet that demand by developing creative ways to deliver a true multi-media experience for our users - how they want it, where they want it, when they want it."