Wednesday, December 21, 2011

Reports: Chicago Sun-Times said near $20M sale

A deal to sell Chicago's second-largest daily would be another sign that the long-dormant market for newspapers may have started to thaw.

Chicago Business, citing sources it doesn't identify, says today that a group of local investors led by Merrick Ventures LLC CEO Michael Ferro Jr. and Madison Dearborn Partners LLC Chairman John Canning Jr. is expected to pay more than $20 million in a deal expected to close as early as Monday, a source said.

The Chicago Tribune, meanwhile, says the deal could be announced as soon as today.

The Sun-Times' current owners rescued the paper from bankruptcy two years ago for $25 million, the Tribune says.

A deal would follow word Monday that the New York Times Co. is in advanced talks to sell its 16 regional dailies from California to Florida to private investor Halifax Media Holdings of Daytona Beach, Fla.

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