Sun-Times Media Group Sale Done

By Marcus Gilmer in News on Oct 26, 2009 8:20PM

The sale of the Sun-Times Media Group, parent to the Chicago Sun-Times and dozens of smaller papers, to a group headed by James Tyree is now complete. The $26.5 million deal is made up by $5 million paid by the group plus the assumption of the STMG's $21.5 million in liabilities. The new partnership will be called Sun-Times Media Holdings LLC. The Sun-Times reports the other members of the group are businessman Kevin Flynn; real estate executives Andrew Agostini, Ed Heil and Ed Ross; insurance executive William Parrillo; his brother, attorney Robert Parrillo; Chicago Blackhawks owner and property and liquor magnate W. Rockwell "Rocky" Wirtz; and Mesirow executives Michael Mackey, Richard Price and Bruce Young. Said Tyree of the sale:

"Our investor team believes there is tremendous opportunity and untapped potential in the Sun-Times Media portfolio of newspapers and Web sites, which combined serve an impressive 3.7 million readers each week, more than any of our competitors...We are proud that these distinguished newspaper titles will be locally owned and locally managed."

The group weathered some initial tussles with the STMG's unions.