It’s not every day that a major metropolitan daily takes out a full-page ad looking for buyers. But that will be the case tomorrow in the Chicago Sun-Times.
The paper previewed the text of the ad today, amidst several reports about the unusual circumstances. Not to mention a growing tweet-storm of concern from Chicago journalists.
Since 2012, the Sun-Times has been owned by Wrapports, LLC, a company formerly run by Tronc chairman Michael Ferro. Tronc has signed a non-binding letter of intent to buy the Sun-Times and other assets including the Chicago Reader. From the Sun-Times:
“We look forward to operating the Sun-Times as a separate news unit, which means an independent Sun-Times will continue to produce the award -winning journalism readers are accustomed to seeing online and print daily,” said Jim Kirk, Sun-Times publisher and editor in chief. “The Chicago Sun-Times is an integral part of the fabric of the city and this path is an opportunity for the Sun-Times to thrive.”
Tuesday’s ad states that other prospective buyers besides Tronc have just 15 days to perform due diligence and prove they have the financial capability to take on the operation of the newspaper. Per the Sun-Times, Wrapports, LLC informed the Justice Department of Tronc’s interest and the process will be monitored by regulators, since a Tronc acquisition would align both of Chicago’s major newspapers under the same single ownership.
Stay tuned or, perhaps more accurately in this case, stay tronc-ed.
Update (May 16):
The front page of Tuesday’s paper also references the situation, with a letter from ECI Kirk.