* Crain’s on Michael Ferro’s move on the Tribune…

The Tribune gives Ferro a bigger base from which to build the digital platform that would allow content creators to make more money for their efforts, something he’s long talked about, and tried, without success, to create at the Sun-Times.

But nearly everyone else wonders whether Ferro’s 16.5 percent stake in Tribune lays the groundwork for a final chapter in the consolidation of the daily newspaper market that has occurred elsewhere but left Chicago among a handful of two-paper towns.

“My hunch is these (papers) are soon to be consolidated—it’s just a matter of time,” says Chris Geier, partner-in-charge of Chicago-based Sikich Investment Banking. “They always tell everyone they’re going to operate autonomously. At the end of the day, though, they’ve got to capture the economies.”

* Korecki rightly whacks Ferro’s legacy…

– A costly newspaper app was ordered up that for months sucked time and talent into its making. It was quickly dismantled once it was discovered it couldn’t make money.

– Launched Grid, a business publication, insisting it was produced in print format as well as online. It was quickly dismantled.

– In a soul-crushing move, the entire photo staff was suddenly fired with management citing budgetary issues and movement into a new era of digital content. Small but talented video staff remained on board.

– Small but talented video staff laid off.

– Suddenly reversed a policy of no political endorsements in the middle of the gubernatorial campaign to endorse just one person in one race — a former investor.

– Sun-Times launched Early & Often, a political website which had sponsors, new ad content, sold-out political events and … it was dismantled. New sports and breaking news portals were also dismantled just weeks after cost was put into their development.

There’s more, of course, including the McKinney thing.

* But…

Ferro said the Sun-Times is in a “very healthy position now,” and discounted the idea that his dual ownership signaled Chicago would soon be a one-newspaper town.

“They’re different products,” Ferro said. “I see both products being around for a very long time.”

* Feder…

“As nutty and crazy as he is, Ferro has kept the Sun-Times alive,” said a source close to both companies. “You have to give him credit for that.”

* And Neil Steinberg is very upbeat about the future after meeting his company’s new top dog…

In the wake of Sun-Times owner Michael Ferro’s purchase of the largest single share of the Chicago Tribune’s parent company for $44.4 million, the Sun-Times’ staff gathered in the lunchroom and met the new chairman of our board, Bruce Sagan, who explained what the purchase means for us.

“The people involved in the last Sun-Times purchase believe in two newspapers,” he said. “There it is, a second voice.” […]

The Tribune is $400 million in debt, Sagan said. The Sun-Times has no debt.

“They took the deal because they needed the money,” said Sagan, the longtime publisher of the Hyde Park Herald, who used the money he made there to invest in the Financial Times, the New York Times, where he started the Chicago News Cooperative, and the Sun-Times. “If you are going to bet on something, better bet on us. They’re in disarray. He left us a growing institution.” […]

Someone asked about our web site. Sagan said it was terrible. Publisher Jim Kirk said it would be fixed soon. Someone asked about the Sun-Times’ future.

“If I have my way you’ll be here forever,” Sagan said.

Thank goodness that somebody over there has finally admitted the CS-T website is an abomination. Yes, it’s gotten a bit easier to navigate, but if you’re a content provider and you only display a few stories on each page, you’re not providing content. Stuff just disappears into the ether on that site. And years of stories are no longer available.

* Meanwhile…

Addressing Tribune Publishing employees during a webcast Thursday, Ferro gushed over his new investment and outlined his vision for helping Tribune Publishing reverse years of industrywide revenue declines.

“It’s not as simple as one may think,” Ferro said. “It’s not about digital subscribers or print. Some of the biggest companies in the world are using our data and making billions of dollars on it, and we need to find a way how we tap into that so that our journalism remains stronger than ever.

He’s obviously come up with yet another big idea.