03/19/2013 06:25 pm ET

Mansueto To Sell Time Out Chicago

Morningstar Inc. CEO Joe Mansueto this month plans to sell Time Out Chicago for $4 million to the partnership that owns the brand in other cities, according to sources familiar with the transaction.

As part of the transaction, the publication's current top executives in Chicago will exit the city magazine operation in April and the partnership will replace them with a new management team, the sources said. The transaction is expected to close later this month.

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