July 13, 2017IM -
An investment group led by former Chicago Alderman Edwin Eisendrath acquired the Chicago Sun-Times and Chicago Reader, staving off a competing bid by the owner of the Chicago Tribune Tronc, Inc and preserving the newspaper’s independent voice in Chicago. “A great group has come together and made sure that a genuine voice with honest and good reporting that connects with the working men and women thrives,” says Eisendrath. The investment group, ST Acquisition Holdings LLC, includes corporate restructuring expert William Brandt, the Chicago Federation of Labor, other local unions, and about a half-dozen individuals.
The Chicago News Guild, which represents newsroom employees at the Sun-Times and Chicago Reader, was strongly opposed to Tronc purchasing the papers. “We are thrilled with this development,” says News Guild consultant David Roeder. “We look forward to working with Edwin Eisendrath and his backers in charting a new course forward for the Sun-Times and Reader.”