The Chicago Sun-Times reports that the news operation is set to be purchased by an investment group that includes a coalition of Chicago labor unions and a former politician.
Edwin Eisendrath, a former Chicago alderman, is leading the investment group buying the Sun-Times. He told the Sun-Times he wanted a ” group of civic-minded” leaders to save the paper.
“A great group has come together and made sure that a genuine voice with honest and good reporting that connects with working men and women thrives,” Eisendrath told the Sun-Times.
Terms of the deal were not disclosed, but the Poynter Institute, a journalism organization, reports that the paper sold for what amounts to $1 and the assumption of any costs part of a future shutdown.
The deal comes after the Department of Justice’s antitrust division announced it was investigating a possible acquisition by Tronc, formerly known as Tribune Publishing, which has newspaper holdings that include the Los Angeles Times and Chicago Tribune. The deal would have put both of Chicago’s major newspapers under the same owner.
Tronc “has always been committed to keeping the Sun-Times an independent media voice within the city of Chicago,” TroncX president Tim Knight, president of Tronc’s digital content division, said in a statement. “We’re pleased to see that happen and we look forward to the new owners honoring the Chicago Tribune’s contractual agreement for printing and distribution services under the terms of our multi-year agreement.”
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