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Wrapports LLC Buys Chicago Sun-Times, Purchase Completed Monday

Chicago Suntimes Sold

12/26/11 04:59 PM ET   AP

CHICAGO — A new investment group has completed its purchase of the company that owns the Chicago Sun-Times.

Wrapports LLC says its transaction to buy Sun-Times Media Holdings LLC closed Monday. In addition to the Chicago publication, Sun-Times Media also owns a chain of newspapers in the city's suburbs and in Indiana.

Sun-Times Media filed for bankruptcy protection in 2009 and was led out of bankruptcy later that year by an investment group headed by Mesirow Financial president James Tyree. Tyree died this year.

While the newspaper has slashed costs and cut dozens of staff positions, the Sun-Times won a Pulitzer Prize this year for local reporting. Its new ownership group is led by technology investor Michael Ferro Jr. and Timothy Knight, the former publisher of the Long Island, N.Y., newspaper Newsday.

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Filed by Jen Sabella  |