8:09 p.m., July 28
Chicago Sun-Times Bought for About $20 Million
The Chicago Sun-Times, that city's second largest newspaper with daily and Sunday circulation of around 400,000, has been sold for a bit above $20 million. The deal include a string of Chicago area daily and weekly newspapers and more than 40 websites. (Copley Newspapers several years ago sold a group of Chicago area papers to the Sun-Times.) The Sun-Times went through bankruptcy in 2009 -- common among metro dailies -- and now has annual losses exceeding revenue. In 2009, an investor group had purchased it for $5 million plus assumption of $20 million in debt. The new management promises to concentrate on digital operations. Still, some in the industry wonder why the buyers paid even $20 million. This sale once again raises a local question: did Papa Doug Manchester really pay $110 million for the Union-Tribune, permitting Platinum Equity to double its investment?