Investment Group Challenges Chicago Tribune in Effort to Buy Sun-Times
- 7 years ago
Investment Group Challenges Chicago Tribune in Effort to Buy Sun-Times
The newspaper also published a letter to its readers explaining
that it had agreed to enter into talks with Tronc “after seeking alternative arrangements with other media companies both locally and outside of Chicago.”
“After those efforts were exhausted,” the letter said, “it became clear that a business combination with Tronc made the most sense.”
Michael W. Ferro Jr., the nonexecutive chairman of Tronc, was previously a majority owner of The Sun-Times.
By SYDNEY EMBERJUNE 19, 2017
With the future of The Chicago Sun-Times hanging in the balance, a group of investors led by the Chicago businessman Edwin Eisendrath
submitted a bid for the newspaper on Monday, setting up a potential battle with the owner of The Chicago Tribune.
The Chicago Tribune’s owner, Tronc, whose other newspapers include The Los Angeles Times, announced in May
that it had entered into a nonbinding agreement to buy Wrapports Holdings, the owner of The Sun-Times and The Chicago Reader, a weekly.
In March 2016, shortly after Mr. Ferro took a $44 million stake in Tronc, formerly known as Tribune Publishing, the company
said he had donated his stake in The Sun-Times to a charitable trust to avoid perceived conflicts of interest.
The newspaper also published a letter to its readers explaining
that it had agreed to enter into talks with Tronc “after seeking alternative arrangements with other media companies both locally and outside of Chicago.”
“After those efforts were exhausted,” the letter said, “it became clear that a business combination with Tronc made the most sense.”
Michael W. Ferro Jr., the nonexecutive chairman of Tronc, was previously a majority owner of The Sun-Times.
By SYDNEY EMBERJUNE 19, 2017
With the future of The Chicago Sun-Times hanging in the balance, a group of investors led by the Chicago businessman Edwin Eisendrath
submitted a bid for the newspaper on Monday, setting up a potential battle with the owner of The Chicago Tribune.
The Chicago Tribune’s owner, Tronc, whose other newspapers include The Los Angeles Times, announced in May
that it had entered into a nonbinding agreement to buy Wrapports Holdings, the owner of The Sun-Times and The Chicago Reader, a weekly.
In March 2016, shortly after Mr. Ferro took a $44 million stake in Tronc, formerly known as Tribune Publishing, the company
said he had donated his stake in The Sun-Times to a charitable trust to avoid perceived conflicts of interest.