Tags: chicago sun-times | sold | paper | 1 | chicago

After 170 Years, Chicago Sun-Times Sold for $1

(YouTube/Chicago Sun-Times)

By    |   Monday, 17 Jul 2017 12:05 PM

It's no surprise in the topsy-turvy world of newspaper ownership that the Chicago Sun-Times has been sold — what is shocking is the price.

ST Acquisition Holdings LLC has purchased the storied tabloid for just $1 — the cost of a single copy of the newspaper. A source involved in the transaction revealed the bargain-basement price, according to a report in The Sun-Times.

But AdWeek's Fishbowl, a journalism blog, says there's a lot more to the fire sale by Sun-Times parent Wrapports LLC. It includes the alt-weekly publication, The Chicago Reader, and the assumption of operating costs.

"While the purchase price for Wrapports LLC is just a dollar, the required additional funding that had to be secured makes the transaction ultimately worth $11,200,001," AdWeek says. "Still not a whole heck of a lot for a daily newspaper that dates back to 1844 and an alt-weekly launched in 1971."

The deal was approved by the antitrust division of the Department of Justice which oversees newspaper sales and mergers. ST Acquisition Holdings LLC is a coalition of labor unions and other investors.

© 2017 Newsmax. All rights reserved.

 
1Like our page
2Share
US
It's no surprise in the topsy-turvy world of newspaper ownership that the Chicago Sun-Times has been sold - what is shocking is the price.
chicago sun-times, sold, paper, 1, chicago
180
2017-05-17
Monday, 17 Jul 2017 12:05 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved