By: E&P Staff Sun-Times Media Holdings LLC announced Monday afternoon the completion of its acquisition of the Chicago Sun-Times, seven suburban daily newspapers, 51 weeklies, Web sites and other assets for approximately $26.5 million.
Under a deal approved Oct. 8 in U.S. Bankruptcy Court, Tyree?s group has acquired Sun-Times Media Group Inc. for $5 million cash and the assumption of $21.5 million in liabilities.
?We are proud that these distinguished newspaper titles will be locally owned and locally managed,? James C. Tyree, lead investor in Sun-Times Media Holdings, said in a statement. ?Our investor team believes there is tremendous opportunity and untapped potential in Sun-Times Media portfolio of newspapers and Web sites, which combined serve an impressive 3.7 million readers each week, more than any of our competitors.?
The deal?s closing marks the fourth time the Sun-Times has been sold in its 61-year history, according to a report by the Sun-Times.
Jeremy L. Halbreich, CEO and vice chairman of Sun-Times Media Holdings, added, ?This is a new beginning and a great day for our advertisers, readers and employees of the Chicago Sun-Times and our distinguished suburban newspaper network of print and online publications.?
One of the top 25 newspapers by circulation in the U.S., the Sun-Times saw a 11.98% circ decline to 275,641 copies daily, according to the latest figures from the Audit Bureau of Circulations.
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