Sun-Times Gets Offer of $5 Million

A Chicago investor offered $5 million to buy the publisher of the Chicago Sun-Times, in a deal that could keep the struggling tabloid in business.

Jim Tyree, chairman and chief executive of investment firm Mesirow Financial, is leading a group that pledged the sum for Sun-Times Media Group Inc. in a bankruptcy auction. Mr. Tyree's group will be the "stalking horse," or lead, bidder as the company solicits other offers. It valued its assets at $310 million as of Dec. 31.

Tyree also agreed to assume about $20 million in liabilities, Sun-Times Media Group said Tuesday. A bankruptcy court must approve the terms and outcome of the auction. [Click for MORE]

• Employees to also pay for Sun-Times sale

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Chicago Sun-Times Files for Bankruptcy

• 5 newspaper companies that have filed Chapter 11
• Chicago's Sun-Times Media Files For Chapter 11
• Sun-Times Files for Bankruptcy
• Chicago Sun-Times parent files for bankruptcy
• Sun-Times Media Group Files For Bankruptcy Protection
• Chicago dailies tell different bankruptcy stories
• Chicago’s Sun-Times Media Seeks Bankruptcy Protection
• Chairman's letter to Sun-Times employees
• Sun-Times' Money Problems Include Conrad Black, Advertising
• Sun-Times files for Chapter 11
• Sun-Times Media Group Bankruptcy: Who's Owed What?

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Oprah Praises Newspaper's Design

Oprah interviews newspaper designer about Obama covers from Robb montgomery on Vimeo. Sphere: Related Content

How Chicago's Newspapers Covered the Bust

• What Did Zell Know, And When Did He Know It?

Both the Chicago Tribune and the Chicago Sun-Times published Extra editions on Tuesday after Illinois Gov. Rod Blagojevich was arrested in the early morning hours by FBI agents for what’s being called a “staggering” level of corruption involving pay-to-play politics.

The Tribune has been tracking the story for days, even weeks and months if you take the sum of the newspaper’s coverage into the accounting. Indeed, the newspaper played a critical role in the criminal complaint against the governor and had even withheld some stories at the behest of the government. [Click for MORE]

• Download the Tribune’s Extra front (PDF)

• Download the Sun-Times’ Extra front (JPG)

• Download the Tribune’s Wednesday front page (PDF)

• Download the Sun-Times’ Wednesday front page (PDF)

• Download Red Eye’s Wednesday front page (JPG)

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Story Behind the Sun-Times' Election Front Page

It's a front page for the ages. You know it instantly when you see it: Barack Obama's face, close up, in black and white, with the words "Mr. President" in the bottom right corner.

Most other newspapers documented Obama's victory with powerful images of Obama and his family celebrating in Chicago's Grant Park. The editors at the Chicago Sun-Times decided to go in a completely different direction. [Click for MORE]

> LAT has sold $686,000 worth of Obama merchandise Sphere: Related Content

Yikes! Everyone Gets Kicked to the Curb!

> Gannett said laying off 600 newspaper employees; pub's memo says cuts among total 1,000 jobs axed
A Maryland publisher told employees late this afternoon that Gannett is eliminating 1,000 newspaper jobs, or about 3% of the troubled newspaper division's workforce -- and that about 600 employees are being laid off, a Gannett Blog reader says. [Click for MORE]

> Charges drag Tribune to $4.5 billion 2Q loss
> Trib value fell $20 million a day under Zell
> Sun-Times Media swings to 2Q loss
> Cox to sell off several newspapers, Valpak operations
> Cox to sell Austin American-Statesman, Austin360.com
> News-Journal Corp. officially for sale
> Journal Register Reports Assets of $77 Million -- And Liabilities of $719 Million
> Houston, San Antonio Dailies Discuss Joint Feature Production
> Observer offers employee buyouts
> Post Co. Reports First Operating Loss in 37 Years
> McClatchy writes down value of its 25.6% stake in Classified Ventures
> McClatchy's Lexington Herald-Leader offers yet another buyout package
> McClatchy lowers estimated value of Seattle Times to $9.9M
> Baltimore Sun to undergo a reinvention, not just a redesign

Tribune's So. Florida Sun-Sentinel: Old look, left; New look, right. [Click for DETAILS]

And The Good News?

> CNN to put "all-platform journalists" in 10 US cities
> Huffington Post's Chicago site to launch on Thursday
> Palm Beach's rich shelter the Daily News from newspaper woes Sphere: Related Content

Flip-Flop Front

Newspaper editor: Why we flopped the front page in Chicago from Robb montgomery on Vimeo. Sphere: Related Content