Business

Feder: WBEZ owner completes Sun-Times acquisition

Posted February 01, 2022 12:00 am

Robert Feder

The parent company of public radio news/talk WBEZ 91.5-FM finalized its takeover of the Sun-Times Monday, marking the money-losing newspaper's conversion to a nonprofit subsidiary of Chicago Public Media.

Although the newsrooms will continue to operate separately, the resulting combination is said to create one of the largest nonprofit news organizations in the country.

The deal is being backed by $61 million in philanthropic support from various foundations and individuals.

"I am proud to have played a part in securing the future of the Chicago Sun-Times and honoring its great legacy," said Michael Sacks, a principal investor in the paper who spearheaded the acquisition agreement. "Together we have created a model for sustaining local journalism which we know is vital."

• Get the full report, and more Chicago media news, at robertfeder.com.

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