Monday, February 4, 2008

Chicago Sun-Times Media Group Up for Sale

Sun-Times Media Group Inc. said Monday it is up for sale and open to a deal that will reward shareholders while securing the future of its Chicago-area newspapers and Web sites.

The company's chief executive officer, Cyrus Freidheim Jr., said the board agreed to explore a sale because several key management initiatives are well under way. In recent weeks, the owner of the Chicago Sun-Times has trimmed $50 million in annual costs, more than 10 percent of its overhead, and last spring settled a tax liability with Canadian authorities.

He said the company would consider all alternatives, including partnerships and the sale of individual assets. But Freidheim said an overarching concern is a transaction that would free the company from the "baggage" of convicted former owner Conrad Black and make it a stronger competitor. [Click for MORE]

> Sun-Times editorial page editor resigns

Sphere: Related Content

No comments: