Atalaya Buys The Reader

Our pals at the Chicago Reader are now under new management. New York-based hedge fund Atalaya Capital Management bought the Reader's parent company Creative Loafing for $5 million. Atalaya managing partner Michael Bogdan told the Reader's Michael Miner, "It's absolutely our intention to run it. The Reader's a great publication and we want to make it even better." Whet Moser has more and Miner also spoke to former Tribune managing editor Jim O'Shea who will likely play a role under the new management.