The Chicago Sun-Times newspaper will fall in the hands of a joint group that consists of different Chicago unions, former politician Edwin Eisendrath, and other entities. This party had a federal agency by their side to support them against the second bidder, Chicago Tribune’s owner, Tronc Inc.
The Antitrust Division Chose Former Politician’s Investment Group as the New Owner of Sun-Times
On Wednesday, Sun-Times newspaper announced that former Chicago Alderman Edwin Eisendrath together with his partners would be its new owners. This group managed to beat Tronc Inc. which is the owner of the Chicago Tribune, Baltimore Sun, and Los Angeles Times. Eisendrath himself made the news public on social media.
“It’s a great town as you know and it will continue to have two great newspapers.”
The Antitrust Division of the U.S. Department of Justice kept these proceedings regarding the bidding for Sun-Times under close observation ever since the month of May. The agency stated that it chose to eliminate Tronc Inc. from this contest, making former politician’s party win the case. The deal might be ready by Friday.
Eisendrath Intends to Preserve the Honest, Unbiased Format of the Publication
Eisendrath refused to reveal further details about this investment. Therefore, the price they had to cover remained under secrecy. Moreover, not all members of the investment group made their identity public. Nonetheless, Eisendrath vouched for this group describing it as an honest and good party that intends to provide quality services only.
The race for this valuable publication began the moment Sun-Times announced its negotiations with Tronc. Inc. This company owns several rivals that are major players in this industry. Eisendrath saw this as an opportunity and formed the group to present their own bid to acquire this company.
This former alderman justified his actions as an effort to preserve the publication as a trustworthy source of news for working people. However, Tronc President Tim Knight claimed that they shared similar intentions as far as Sun-Times is concerned.
The Chicago Sun-Times has always displayed a professional approach to the news industry. Its readers are always served with honest, unbiased, and balanced reports.
Image source: 1