A group of investors led by a Jewish former Chicago alderman has purchased the Sun-Times newspaper, outbidding the owners of the Chicago Tribune for its main rival and ending a federal antitrust investigation into the sale.
Former Chicago Alderman Edwin Eisendrath and the group of investors beat out Tronc Inc, the owner of the Chicago Tribune as well as the Los Angeles Times and Baltimore Sun, for the tabloid, the Chicago newspapers reported on Wednesday.
“It’s a great town as you know and it will continue to have two great newspapers,” Eisendrath said on Twitter.
The investor group is comprised of corporate restructuring expert William Brandt, the Chicago Federation of Labor, local labor unions and about a half-dozen other individuals, the Sun-Times reported.
Criminal defense attorney Len Goodman, a member of the billionaire Crown family, was said to be the biggest individual investor among the group, Crain’s Chicago Business reported.
Labor unions in the city applauded the sale, which also included the Chicago Reader, a weekly.
“The little guy won here,” said Chicago Federation of Labor President Jorge Ramirez to the Sun-Times.
Liberal Chicago Ex-Lawmaker Buys Sun-Times Paper