Monday, October 26, 2009

New owners take control of Chicago Sun-Times

The sale of the Chicago Sun-Times, the 15th largest newspaper in the United States, and its sister publications to a group of local businessmen was completed on Monday, the newspaper said. The Sun-Times said its parent company, which filed for bankruptcy in March, is now owned by a group of investors led by Chicago investment banker James Tyree. The Tyree-led group purchased the Sun-Times, seven other suburban dailies and 51 weekly newspapers for five million dollars in cash and the assumption of 21.5 million dollars in liabilities in a deal approved by a US bankruptcy court on October 8.

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