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Sun-Times Media, the company that owns the Chicago Sun-Times and several suburban newspapers, confirmed reports Wednesday that the company had been purchased by a group of investors.
Financial terms were not disclosed, but the Sun-Times itself put the price at more than $20 million, citing a source.
Taking over the reigns is a man who previously worked for the Tribune Company, Timothy Knight.
Merrick Ventures LLC CEO Michael Ferro Jr. heads the investor group -- Wrapports LLC. -- that purchased the Chicago-based media company.
"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 written 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."
A November report in Crain's Chicago Business first reported the possibility of a sale, putting the price at about $14 million plus the assumption of debt.
The change of hands comes after years of financial difficulty that included bankruptcy several years ago.
It was just March 2011 when Sun-Times chairman James Tyree died of a sudden embolism while being treated for stomach cancer. He was the CEO of Mesirow Financial and led a team of investors to buy the Sun-Times in October 2009.
The new transaction is expected to close by the end of the year.
