To our readers:
In today’s edition of the Chicago Sun- Times, you will see a full- page advertisement announcing thatwe are looking for new ownership of the newspaper that will commit to keeping the Sun- Times publishing as an independent news source for Chicago.
We also have received a non- binding Letter of Intent from Tronc Inc., which operates the Chicago Tribune and several other newspapers around the country, to purchase assets from Sun- Times parent Wrapports LLC. If completed, Tronc would own and operate the Sun- Times as a separate unit, assuring that the independent newsroom would remain.
Wrapports agreed to enter into discussions with Tronc after seeking alternative arrangements with other media companies both locally and outside of Chicago. After those efforts were exhausted, it became clear that a business combination with Tronc made the most sense, especially since Tronc and Wrapports already have some business ties. For example, the Chicago Tribune has handled all of the Sun- Times’ printing and distribution for the past several years.
By entering into discussions with Tronc, top management has said that it intends to continue operating the Sun- Times as a separate news operation, which means that an independent Sun- Times will continue to produce the award- winning journalism you’ve been accustomed to seeing daily.
Shortly after entering into discussions, Wrapports and Tronc voluntarily informed the U. S. Department of Justice, Antitrust Division, about the possibility of a transaction and have been working closely with officials to ensure a potential combination protects the public interest.
Therefore, the Antitrust Division requested that we run an advertisement to announce that the Sun- Times and other Wrapports’ assets were for sale. This allows other potential bidders who were not previously contacted to come forward in the event there was interest. Any potential buyer would have 15 days to discuss a possible combination. If no viable partner emerges, Tronc and Wrapports intend to continue pursuing a deal to successfully close the transaction.
The Sun- Times, like many other metropolitan news operations, continues to face enormous challenges in an industry roiled by changes in the marketplace. The investors and boardmembers of Wrapports have been committed to keeping a second media voice in Chicago alive and thriving. Success in digital media requires a national platform that can make significant investments across products and services. We believe an ownership that can bring substantial digital resources can help and is the best path for the Sun- Times to succeed long term.
I welcome feedback from those, like us, who hold this institution near and dear to their heart. Please feel free to reach out to me at publisher@ suntimes. com with questions or concerns. We will update employees, readers and advertisers on the process as it continues. Thank you for being loyal to the Chicago Sun- Times.