Investment group buys Sun-Times, local papers
A local investment group is purchasing the media company that includes the Chicago Sun-Times.
The price was not disclosed, but the Sun-Times website reported a source said the company sold for more than $20 million.
The buyers include Michael Ferro Jr., chairman of Merrick Ventures LLC, a private equity firm. Ferro will serve as chairman, and Timothy Knight, formerly the publisher of Newsday on Long Island, N.Y., will serve as chief executive and as an investor. Together they're forming a company called Wrapports LLC.
Jeremy Halbreich, the current chairman and chief executive of the Sun-Times, is stepping down.
Wrapports' acquisition will include all of Sun-Times Media's properties, including the Chicago Sun-Times, Post-Tribune (Merrillville, Ind.), The SouthtownStar (Tinley Park), The Herald-News (Joliet), The Beacon-News (Aurora), Lake County News-Sun, Naperville Sun, The Courier-News (Elgin), The Pioneer Press newspapers, The Doings and Neighborhood Star publications.
The purchase also includes a number of online enterprises, including websites for all print publications, as well as RogerEbert.com, ToDrive.com and YourSeason.com.
Wrapports' central business strategy, it said in a release, is to deliver essential and customized content to print, online and mobile audiences by investing in and integrating traditional media assets with strategic technology tools.
“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 the release. “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 multimedia experience for our users — how they want it, where they want it, when they want it.”
“We are committed to having all of our print and digital media maintain the quality journalism and community engagement that is their tradition, while rapidly expanding and improving the use of media delivery methods, portal applications and ease of viewing across all platforms to achieve these missions,” Knight said.
Halbreich said the change will propel the organization to a new era in delivering quality content to readers.
“It is truly remarkable when you look at the journey that this organization has made. As a result of tough decisions and the ability to adapt to a changing industry, we have been able to maintain our role as a central figure in this city. I am proud of what we have done, and I am even prouder of where this organization is headed,” Halbreich said. “I am confident that the extraordinary talent in the newsroom coupled with the new leadership's inspired commitment will bring Sun-Times Media to the next level.”
Knight went on to recognize the successes that Halbreich and the entire Sun-Times team have achieved.
“Sun-Times Media's position today is a testament to the excellence, integrity and skill this organization has consistently demonstrated,” Knight said. “Even faced with tremendous challenges, the management truly stepped up to re-establish this incredible organization.”
In addition to Wrapports' founding board members, other significant investors include David Herro, Joe Mansueto, Bruce Rauner and Miles White. Current investors Richard Price and W. Rockwell Wirtz are also part of the new investment group.