Sun-Times completes $26.5 million sale of substantially all assets

By Angela McDaniels

Tacoma, Wash., Oct. 26 - Sun-Times Media Group, Inc. has sold substantially all of its assets to Sun-Times Media Holdings, LLC for $26.5 million, according to a company news release.

Sun-Times Media Holdings was formed by a group of private investors led by Chicago businessman James C. Tyree.

With the sale, the group has gained ownership of the Chicago Sun-Times, seven suburban daily newspapers and 51 weekly newspapers.

"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," Tyree said in the release.

"On the business, side, our intentions are to grow the company by seeking new revenue opportunities, to adapt and lead change in the rapidly transforming news industry, and to become profitable."

Sun-Times Media is a Chicago newspaper company that filed for bankruptcy on March 31, 2009 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 09-11092.

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