No layoffs despite financial restructuring — Sun-Times investors

No layoffs despite financial restructuring — Sun-Times investors

Terms of the sale weren't disclosed, but reports indicate that the purchase price of Sun-Times parent Wrapports LLC totaled only $1. He is a local politician who had failed in a 2006 bid to unseat then-Illinois Governor Rod Blagojevich. Founded by Marshall Field lll nearly 70 years ago, the Chicago Sun-Times has been bought and sold several times.

Chicago Federation of Labor President Jorge Ramirez is the new Sun-Times chairman, but he is assuring the paper's staff and everyone else labor will not influence stories or editorials. Ramirez continued, "Since its inception, the labor movement remains committed to raising people up and building strong communities". Now, Chicago's second paper belongs to a diverse and big group. Eisendrath said the group will do that but would but declined to comment further.

Unions are stakeholders in other companies, however.

Will This Happen in the Future?
Besides the Chicago Federation of Labor, four other unions are investors.

A number of variables will have to be in place for that to work.

The current owner of the Sun-Times, Wrapports, purchased the daily in 2011 for an estimated $20 million.

The deal will "garner a lot of attention" by labor unions and companies going forward, Bruno said.

Human remains found in search for missing men, 1 victim ID'd
Finocchiaro was killed two days later after DiNardo agreed to sell him a quarter pound of pot for about $700. Weintraub, said on Thursday that the 12-foot deep grave was getting deeper as the search effort continued.

There are no plans for layoffs, Eisendrath said. "The additional acquisition of Answers Media will allow us to expand and contemporize these channels with high-quality multimedia content and innovative technology solutions that will attract a broad audience of new readers and advertising partners".

The Sun-Times will move headquarters later this year.

Wrapports received a nonbinding letter of intent from Tronc Inc., formerly known as Tribune Publishing, with an offer to buy the paper for an undisclosed amount while committing to maintain its independent newsroom.

Ending efforts by Chicago Tribune to acquire its cross-town rival, the struggling Chicago Sun-Times was sold Wednesday to an investment group led by a former city alderman and a coalition of unions.

The proposal drew scrutiny from the Department of Justice's Antitrust Division, which said the merger of the two daily newspapers in Chicago would raise significant antitrust concerns.

The department said on Wednesday it closed its investigation with the paper's sale to the investor group, ST Acquisition Holdings. The company does not now own an interest in any other newspaper, the DOJ said.

He says in an email that the group is investing in a "journalistic voice that's genuine, accurate and consistently reporting news" that matters to Chicago residents.

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