Sun-Times reports 2nd quarter loss

Sun-Times Media Group Inc. posted a loss in the second quarter as advertising and circulation revenue slid, the company said late Thursday. The publisher of the Chicago Sun-Times said it is still seeking a buyer or considering going private, but blamed the struggling newspaper and credit sectors for hampering progress.

Meanwhile, the company will seek to cut costs further, and may consolidate editorial and sales offices, with an eye toward selling some of the real estate it owns. The company - formed after the dissolution of Conrad Black's Hollinger International media empire - reported a loss of $37.8 million, or 46 cents per share in the quarter ended June 30. A year ago, it earned $528 million, or 56 cents per share, helped by a $612.4 million tax benefit. Its operating loss narrowed to $24 million from $80.6 million last year. Revenue fell to $83 million from $94.7 million a year ago, as ad revenue fell 14 percent to $62.7 million.