The building housing the Chicago Sun Times is seen Monday, June 19, 2017, in Chicago. An investor group led by former Alderman Edwin Eisendrath and the Chicago Federation of Labor, an umbrella group of labor unions, submitted a bid to purchase the Chicago Sun-Times on Monday by a 5 p.m. deadline. (AP Photo/G-Jun Yam) ORG XMIT: ILGY103
Highlight

U.S Historic Newspaper Sold For Just $1

132

[dropcap]T[/dropcap]he Chicago Sun-Times, the city’s oldest continuously published daily newspaper and winner of eight Pulitzer prizes, has been sold to an investor group, reportedly for $1 (N360).

The newspaper, which traces its history to 1844, reported Thursday it was purchased by an investment group led by former Chicago alderman Edwin Eisendrath and a coalition of labor unions.

The Sun-Times provided no details, but the rival Chicago Tribune and other media reported the sale was concluded for $1.

Earlier this year the Tribune’s parent company Tronc offered to buy the Sun-Times. But the deal faced opposition from the Justice Department, which argued it would create a monopoly of the two major dailies in Chicago.

Although this week’s agreement was concluded for $1, the investors needed to come up with $11.2 million to keep operating, the Sun-Times reported.

The deal underscores the deep woes of the once-profitable US newspaper sector, where values have plunged over the past two decades amid a shift of readers to online platforms.

The current owner of the Sun-Times, Wrapports, purchased the daily in 2011 for an estimated $20 million.

According to Poynter Institute media writer James Warren, the Sun-Times owners “concluded taking $1 was better than the $8 million it would cost to shut down the paper.”

Leave a comment

Related Articles

Alleged N178bln debt: Reps dismiss petition against NPA, laud Bello-Koko, NPA 

A petition alleging that Mr. Bello Koko, the Managing Director of the...

FG set to sign executive order to control rising drug prices

In a bid to control escalating drug prices across the country, the...

Akeredolu: Pres. Tinubu in Owo, Ondo State, extols him a fearless fighter

Barely a week after the late Governor of Ondo State, Rotimi Akeredolu,...

Abuja power supply drops by 250 MW as vandals destroy Gwagwalada-Katampe transmission line

The Transmission Company of Nigeria (TCN) has disclosed that Tower 70 along...

Oronsaye report: FG allays fear of job losses in rationalized agencies, parastatals

The Minister of Information and National Orientation, Mohammed Idris, has dismissed the...

Family releases funeral rites for Access Holdings CEO, Wigwe, wife, son

The family of the late Herbert Wigwe, the former Group Chief Executive...

Fear grips fans as Nasty Blaq reveals battle with undisclosed ailment

Fans of popular skitmaker Nasty Blaq are apprehensive over news that their...

Why we suspended our nationwide protest – NLC

The Nigeria Labour Congress (NLC) has suspended its two-day national protest as...

#50thAnniversary: PUNCH photo exhibition opens February 28, Soyinka delivers anniversary lecture February 29

A three-day photo exhibition, as part of events marking the 50th anniversary...

Kunle Afolayan insists criticisms over dancing with daughter can’t break him

Famous filmmaker Kunle Afolayan has stirred controversy following a video showing him...

Coup scare: It’s fake news, disinformation act — Information Minister

The Minister of Information and National Orientation, Mr Mohammed Idris, has reacted...

Lagos Speaker, lawmakers receive protesters, hail NLC for peaceful conduct

Protesting members of the Nigerian Labour Congress (NLC) and other related organizations...

Breaking: CBN raises MPR to 22.75%, up by 400 basis points

The Central Bank of Nigeria (CBN), after its first Monetary Policy Committee...

Just in: Sachet water, biscuits distributed to protesters in Lagos as police provide security

The Nigeria Labour Congress (NLC) nationwide protest kicked off across the country...

NDLEA records largest heroin seizure at Lagos Airport

The National Drug Law Enforcement Agency (NDLEA) says it has successfully intercepted...

Mavin Records, Universal Music Group forge partnership to elevate African music globally

Mavin Records, the well-known Nigerian record label that Don Jazzy founded, unveiled...

We don’t believe in Voodoo, but in God, says Super Falcons player Deborah Abiodun

“I do not believe in voodoo; I believe in God and in...

Protest in Edo: End the suffering, hunger in Nigeria, CSOs urge Pres. Tinubu 

Edo Civil Society Organizations (EDOCSO) on Monday grounded socio-economic activities in the...

Economic hardship: Lagos residents protest despite police warning

Despite warnings issued by the Lagos State Police Commissioner, protesters on Monday...