Tyree buys Chicago Sun-Times

10:38, October 28, 2009      

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Chicago businessman James Tyree's purchase of Sun-Times Media Group Inc, including the Chicago Sun-Times and more than 50 suburban publications, was finalized on Monday (local time).

The acquisition was completed for about $26.5 million after an investor group led by Tyree offered to pay $5 million for the assets of the company. The investors also plan to assume about $22 million in liabilities. Earlier this month a major roadblock to the sale was avoided when leaders of five unions that earlier rejected concessions demanded by Tyree agreed to contract changes.

"Our investor team believes there is tremendous opportunity and untapped potential in Sun-Times Media portfolio of newspapers and websites," Tyree said in a statement. "On the business side, our intentions are to grow the company by seeking new revenue opportunities, to adapt and lead change in the rapidly transforming news industry, and to become profitable."

A bankruptcy judge approved the sale to Tyree, who heads Mesirow Financial, on Oct 8. Sun-Times Media filed for bankruptcy protection in March, citing $479 million in assets and $801 million in debt. It has shed more than 400 jobs since late last year through layoffs and attrition.

Source:China Daily
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