Sun-Times Media Group Expects NYSE De-Listing

Posted Wednesday, May 7, 2008 12:00 am

By: E&P Staff The Sun-Times Media Group (STMG) expects its Class A shares trading on the New York Stock Exchange (NYSE) to be de-listed. The company said in an announcement issued late this afternoon that it does not intend to appeal, and that it expects to move trading of the stock to the OTC Bulletin Board once it gets kicked off the Big Board.

"It is important to note this decision will not impact the company's financial status or organization, nor will it have any effect on the way we conduct our business, or on the nature of our existing and future customer and partner relationships," STMG CEO Cyrus F. Freidheim Jr. said in a statement. "It will also have no impact on Sun-Times Media Group's previously announced plan to explore strategic alternatives for the company."

The company will also continue to report to shareholders under the federal securities laws.

STMG is the second newspaper company to experience de-listing. The Journal Register Co. once traded on the NYSE, and is now trading on the OTC.

Under NYSE rules, a company's shares must trade above $1 and the company must maintain a market capitalization of at least $75 million.

STMG (NYSE: STVN) closed at 69 cents today.

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Sun-Times Media Group Expects NYSE De-Listing

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