Group led by ex-alderman set to acquire Chicago Sun-Times

By Mitchell Armentrout

Chicago Sun-Times

An investment group led by former Chicago Alderman Edwin Eisendrath along with a coalition of labor unions is poised to acquire the Chicago Sun-Times and Chicago Reader, Eisendrath and others familiar with the transaction said Wednesday.

The deal was expected to be completed by Thursday morning, with a news conference to take place at some point that day.

"A great group has come together and make sure that a genuine voice with honest and good reporting that connects with working men and women thrives," Eisendrath said.

"The Sun-Times has been an important part of Chicago for our whole lives," he added. "We are inspired by the writing and reporting, and a group of civic-minded leaders wanted to save that."

Eisendrath declined to disclose the terms of the deal, and he said he didn't yet have permission to identify all the members of his investment group. Besides Eisendrath, the group includes corporate restructuring expert William Brandt, the Chicago Federation of Labor, other local labor unions and about a half-dozen other individuals.

"Our investors include more than half a million hardworking people around Chicago, and you can bet we'll be talking with a voice that resonates with the working class," Eisendrath said. "We're going to organize around that to raise circulation."

For the full story, see the Sun-Times report.