* Chicago Public Radio…
A union-backed bid to buy the Chicago Sun-Times is moving forward, according to sources involved in the deal.
Wrapports, which owns the newspaper, had given the union-backed group a Monday deadline to put “north of $11 million” in an escrow account, according to Bill Brandt, a restructuring expert and one of the private investors on board with the bid.
“The money is there,” Brandt said late Monday. “I believe there will be a transfer of ownership.”
That money is not the sale price of the paper, Brandt said.
“The real issue was what does it take to make sure that you can operate the paper and pay off its obligations in the future,” he said.
The sale price has been reported as being a dollar.
The potential ownership group includes several local labor unions, including the CFL, and about eight individual investors, including corporate restructuring expert Bill Brandt.
“I think it’s a worthwhile challenge,” Brandt said. “It’s a money-losing venture, but this is one of those things where you take a gulp and you do it for the good of the city. Chicago needs two newspapers.”
Eisendrath and Brandt declined to identify the other investors, but Brandt said the group included several people “well-known in the political scene.” […]
On Tuesday, Sun-Times publisher and editor-in-chief Jim Kirk sent an email to his staff that reminded them, “…This is not the last step in the process. The parties continue to negotiate to see if a deal can be completed. In addition, the offer from Tronc still remains active.”
*** UPDATE *** Done deal?…
An investment group led by former Chicago Ald. Edwin Eisendrath along with a coalition of labor unions is poised to acquire the Chicago Sun-Times and Chicago Reader, Eisendrath and others familiar with the transaction said on Wednesday.
The deal was expected to be completed by Thursday morning, with a press conference to take place at some point that day.