05/09/2012 04:08 pm ET Updated Jul 09, 2012

Sun-Times Parent To Buy Chicago Reader For $3 Million

(Crain's) -- Wrapports LLC, the parent of the Chicago Sun-Times, is poised to purchase the Chicago Reader as soon as next week for about $3 million, according to sources familiar with the transaction.

The alternative weekly is being sold by New York investment firm Atalaya Capital Management LP, which acquired it along with four other weeklies out of bankruptcy in 2009 after lending money to prior owners at Tampa, Fla.-based Creative Loafing Inc.

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