Wrapports LLC, owner of the Chicago Sun-Times, is exploring opportunities for expansion, including considering a purchase of Tribune Co. assets, according to sources familiar with the company's plans.

Chicago-based Wrapports, led by Chairman Michael Ferro, has engaged New York investment bank Allen & Co. Inc. specifically to explore a purchase of assets of Chicago-based Tribune as well as a Dallas-based bank for a more general search, sources said.

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