Sun-Times Media Group

Sun-Times Media Group (formerly Hollinger International) is a Chicago-based newspaper publisher.

History

Sun-Times Media Group was founded in 1986 under the name American Publishing Company, as a holding company for Hollinger Inc.'s American properties. It focused on newspapers, mostly in smaller markets. In February 1994, it acquired the Chicago Sun-Times, holding an IPO to fund the acquisition. At the time, it was the fifteenth-largest U.S. newspaper group. It changed its name to Hollinger International in 1994.

Hollinger's non-American properties, which included The Daily Telegraph and The Jerusalem Post were added to the company in 1996, and its Canadian papers in 1997. It created the National Post from the Financial Post in 1998.

That year, it began a process of shrinking the company, selling many of its small papers to the private equity firm Leonard Green & Partners, who formed Liberty Group Publishing. In 2000, it sold most of the rest to four media companies (Bradford Publications Company, Community Newspaper Holdings, Paxton Media Group, and Forum Communications).[1] Its Canadian holdings, notably the National Post, several smaller papers, and a majority stake in the Southam newspaper chain, were sold to CanWest in 2000 in connection with Conrad Black renouncing his Canadian citizenship to gain a British peerage. That year, Hollinger International bought the Chicago-area publications of Copley Press (The Herald News, The Beacon-News, The Courier-News, and Lake County News-Sun, along with several smaller papers).

Conrad Black was fired by the Hollinger International board in 2004 for fraud.[2] He attempted to sell his stake to the Barclay brothers in January 2004 and the brothers launched a takeover bid for the rest of Hollinger International. However the sale was blocked by a judge in the United States after the company's board lodged a court action against the sale.

The Barclay brothers later bought The Telegraph Group which included The Daily Telegraph, The Sunday Telegraph, and The Spectator. On November 16, 2004, the sale of The Jerusalem Post to Mirkaei Tikshoret, a Tel Aviv-based publisher of Israeli newspapers, was announced. CanWest Global Communications, Canada's biggest media concern, announced it has agreed to take a 50 percent stake in The Jerusalem Post after Mirkaei buys the property. In February 2006, Hollinger sold substantially all of its Canadian assets.[3]

The corporation's name was changed to Sun-Times Media Group on July 17, 2006.[4]

On March 31, 2009, the company filed for bankruptcy protection under Chapter 11 of the United States Code.

In September 2009, Chicago financier James C. Tyree and a team of investors had a $5 million bid accepted to purchase the Sun-Times Media Group, contingent on the paper's unions accepting deep compensation cuts and work-rule changes. The purchase was completed the next month.

Tyree died suddenly in March 2011. Jeremy Halbreich, chief executive, said that Tyree will be greatly missed and that his death will make no changes in the media company's strategy.[5]

Since the Tyree-Halbreich takeover, the organization has shown accelerating declines in circulation, advertising revenue and quality of editorial content. Industry analysts have repeatedly pointed to the group's failure to craft a competitive online product as evidence of continued decline. On December 6, 2011, the company announced it will institute a "paywall" to access its online content from December 8, 2011.

On December 26, 2011, Chicago investment group Wrapports, L.L.C., led by Chairman Michael W. Ferro Jr. & CEO Timothy Knight, completed its purchase of the company.[6] On October 31, 2014, Wrapports sold the suburban Chicago newspapers to the Chicago Tribune Media Group.[7]

On July 13, 2017, it was reported that a consortium, consisting of private investors & the Chicago Federation of Labor, led by businessman & former Chicago alderman Edwin Eisendrath, through Eisendrath's company, ST Acquisition Holdings, had acquired the company from Wrapports, beating out Chicago-based publishing company Tronc for ownership.[8][9]

Sun-Times newspapers

Assets now include the Chicago Sun-Times and the Chicago Reader in the United States.

State City Newspaper
Illinois Chicago Chicago Reader
Illinois Chicago Chicago Sun-Times

Corporate governance

November 17, 2003
January 14, 2004
October 2005
November 2006
February 2009

See also

References

  1. ↑ "Hollinger's Crash Diet Stops Short Of Chicago". tribunedigital-chicagotribune. Retrieved April 8, 2016.
  2. ↑ M.S. Beasley; Frank A Buckless; S. M. Glover; D. F. Prawitt (2015). Auditing Cases: Instructor Resource Manual, 6th Edition. Upper Saddle River, NJ. (PDF). Pearson. Retrieved 2016-05-05.
  3. ↑ "-". Retrieved April 8, 2016.
  4. ↑ "-". Retrieved April 8, 2016.
  5. ↑ David Roeder (March 20, 2011). "Tyree’s vision will be missed, but newspaper will follow course". Chicago Sun-Times. Archived from the original on March 21, 2011.
  6. ↑ Wrapports LLC Buys Chicago Sun-Times, Purchase Completed Monday
  7. ↑ Feder, Robert (October 31, 2014). "Tribune buys suburban newspapers from Sun-Times — and Sun-Times buys more time". RobertFeder.com. Retrieved January 21, 2015.
  8. ↑ Ember, Sydney (13 July 2017). "The Chicago Sun-Times Is Wrenched Away From a Rival Publisher". The New York Times.
  9. ↑ Armentrout, Mitchell. "Union group led by Eisendrath outduels Trib owner to acquire Sun-Times". Chicago Sun-Times. Retrieved 12 July 2017.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.