Shareholders of Sun-Times Media Group — the shrunken rump of what was formerly Conrad Black’s Hollinger International enterprise — are gathering for the company’s annual meeting in Chicago as they await word on the likely sale of one or more of its businesses.
Chief executive Cyrus Freidheim has said the company would decide on its next step after receiving feedback from potential buyers, due at the end of May. Sun-Times first announced plans in February to explore a potential sale or other strategic options.
The steep decline in advertising revenue and circulation has continued for
the parent of the Chicago Sun-Times and an array of smaller newspapers in the Chicago region.
The ailing company had its stock delisted by the New York Stock Exchange last month after falling to well under $1 a share.