It’s no surprise in the topsy-turvy world of newspaper ownership that the Chicago Sun-Times has been sold — what is shocking is the price.
ST Acquisition Holdings LLC has purchased the storied tabloid for just $1 — the cost of a single copy of the newspaper. A source involved in the transaction revealed the bargain-basement price, according to a report in The Sun-Times.
But AdWeek’s Fishbowl, a journalism blog, says there’s a lot more to the fire sale by Sun-Times parent Wrapports LLC. It includes the alt-weekly publication, The Chicago Reader, and the assumption of operating costs.
“While the purchase price for Wrapports LLC is just a dollar, the required additional funding that had to be secured makes the transaction ultimately worth $11,200,001,” AdWeek says. “Still not a whole heck of a lot for a daily newspaper that dates back to 1844 and an alt-weekly launched in 1971.”
The deal was approved by the antitrust division of the Department of Justice which oversees newspaper sales and mergers. ST Acquisition Holdings LLC is a coalition of labor unions and other investors.
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