Newly-Formed Group Announces Purchase Of Chicago Sun-Times, Other Wrapports Properties And Answers Media

CHICAGO, July 13, 2017 /PRNewswire/ -- Today, ST Acquisition Holdings, LLC, a group organized by the Chicago Federation of Labor (CFL) and Edwin Eisendrath, announced the finalization of its acquisition of the Wrapports, LLC properties of the Chicago Sun-Times, Chicago Reader and the straightdope.com website. As a separate acquisition, the newly-formed group also purchased Answers Media, a full service digital communications company. The terms of the deals were not disclosed.

"This is a historic coalition of workers and like-minded investors who represent a cross-section of the Chicago population, coming together with one common goal: to preserve independent media entities in Chicago and protect their journalistic integrity. This effort amplifies the diversity of voices and perspectives of Chicago stories both locally and nationally," said CFL President Jorge Ramirez, who will serve as Chairman of the Chicago Sun-Times.

The acquisition group's intent is to meld these pieces into a powerful, multiplatform news organization, while sustaining the Chicago Sun-Times legacy as a trusted news brand.

"We are investing in a journalistic voice that's genuine, accurate and consistently reporting news that matters to the people of Chicago. We are inspired by the journalistic excellence of the Chicago Sun-Times, the Chicago Reader and the Straight Dope website," said Edwin Eisendrath, who will serve as CEO of the Chicago Sun-Times. "The additional acquisition of Answers Media will allow us to expand and contemporize these channels with high-quality multimedia content and innovative technology solutions that will attract a broad audience of new readers and advertising partners."

"The primary goal in seeking out new ownership for the Sun-Times and Wrapports LLC's other properties was to find a buyer who was willing to make the investments necessary to sustain the editorial independence and viability of our publications long into the future," said Jim Kirk, editor/publisher of the Chicago Sun-Times. "We look forward to working with the new ownership group to bring new technology and other innovative approaches to support our world-class team of journalists." 

Kirk and other members of the Sun-Times leadership team have been asked to stay on to ensure both quality and continuity of operations.

SOURCE ST Acquisition Holdings, LLC