Chicago Sun-Times sold for about $20 million
Time Out Chicago | Tribune | Sun-Times
Local investors are buying the Sun-Times and its profitable suburban papers for about $5 million less than it cost another local group to acquire it in 2009. Chairman Jeremy Halbreich told staff in a memo Wednesday that he would step down immediately, making way for former Newsday publisher and new investor Timothy Knight to take over, reports Robert Feder. The Tribune reports:
"While the flagship paper will remain an integral part of the company, the primary emphasis for the Sun-Times going forward will be on evolving its digital strategy, Knight said."
The paper introduced a paid content strategy just weeks ago, and investors believe the suburban papers have unmined digital revenue possibilities, according to the Tribune. The sale is expected to close in a few days, the Sun-Times says.