Welcome to our new media overlords
Friday, Mar 29, 2019 - Posted by Rich Miller
* Robert Feder…
With an infusion of new capital from prominent Chicago investors Michael Sacks and Rocky Wirtz, the Chicago Sun-Times is getting a change of control at the top — and what may be a new lease on life.
The deal announced today will shift control of the company from a consortium of organized labor groups to Sacks, Wirtz and Jorge Ramirez, who continues as board chairman. A majority of seats on the board will be held by the new entity, Sun-Times Investment Holdings LLC. The announcement did not disclose financial details.
Sacks is CEO of Grosvenor Capital Management and a longtime adviser and confidant to Mayor Rahm Emanuel. Wirtz is president of Wirtz Corp. and principal owner and chairman of the Chicago Blackhawks. Chicago magazine ranked Wirtz No. 7 and Sacks No. 10 on its most recent list of the 50 most powerful people in the city.
Ramirez, former president of the Chicago Federation of Labor, works for Sacks as a managing director of his GCM Grosvenor investment and advisory firm. […]
Sacks and Wirtz previously were among investors in Wrapports Holdings LLC, which sold the Sun-Times to the current ownership group in 2017.
* Sun-Times…
Jorge Ramirez will continue as the company’s chairman of the board, but the newspaper said in a press release that no decision had been made by Ramirez on whether Sacks and Wirtz will join him on the board.
“We are pleased to welcome Michael Sacks and Rocky Wirtz,” Ramirez was quoted as saying in a press release. “It is nice to bring representatives of the business community into the ownership group as we strengthen Sun-Times Media and drive the business forward.”
The newspaper has been owned since summer 2017 by several organized labor groups and businesspeople brought together by businessman Edwin Eisendrath, a former alderman, and the Chicago Federation of Labor. Those entities and individuals, which succeeded in blocking an effort by the Chicago Tribune’s parent company to take over the Sun-Times, will continue to hold ownership in the company.
This is the third ownership change in two years.
- Precinct Captain - Friday, Mar 29, 19 @ 9:20 am:
When are they ever getting that new website.
- Honeybear - Friday, Mar 29, 19 @ 9:24 am:
I’m not sure I understand the play here.
Is it wresting control from the CFL and other unions?
or just bolstering them?
Or is the Empire Striking Back?
- wordslinger - Friday, Mar 29, 19 @ 9:28 am:
The Sun-Times is tougher to kill than Rasputin.
- Yup! - Friday, Mar 29, 19 @ 9:31 am:
After the consortium of labor groups took control of the Sun-Times a while back, I noticed a great improvement on their reporting. The Sun-Times is doing a fantastic job focusing on state/local issues. Hopefully, this new group does not change that focus…
My personal thought on the newspaper industry; they need to rediscover their history and be the leader for state/local news. I doubt many subscribers read the newspaper for national coverage, that is readily available online.
- City Zen - Friday, Mar 29, 19 @ 10:05 am:
Whose ring will Neil Steinberg have to kiss?
- Responsa - Friday, Mar 29, 19 @ 10:25 am:
The national news now is furnished to many/most newspapers and TV stations by just a couple of big syndicates like the AP which is why there is so little differentiation. Also way too much “opinion”. More and better first-hand reported local and regional news of all kinds and world news (which is very underrepresented news-wise everywhere in America) is where papers like the SunTimes and Tribune serving an international city like Chicago *could* attract subscribers. They both need improvement to do so but I hope both major Chicago papers can survive.
- Last Bull Moose - Friday, Mar 29, 19 @ 10:40 am:
Are newspapers becoming hobbies, like horse racing for most?
- Anonymous - Friday, Mar 29, 19 @ 10:42 am:
What percentage of ads in the paper will be devoted to liquor?
- wordslinger - Friday, Mar 29, 19 @ 11:04 am:
–What percentage of ads in the paper will be devoted to liquor?–
There are ads in the Sun-Times?
- Fax Machine - Friday, Mar 29, 19 @ 11:05 am:
Maybe Bruce Rauner will buy his shares back
- A guy - Friday, Mar 29, 19 @ 11:11 am:
==There are ads in the Sun-Times?==
You must not be in need of a hair transplant or performance enhancement…or you’d know.
- wordslinger - Friday, Mar 29, 19 @ 12:07 pm:
–Are newspapers becoming hobbies, like horse racing for most?–
Sun-Times ownership is an outlier. The majority of U.S. dailies are owned by chains like Gatehouse, Gannett, Lee, etc.
- James Knell - Friday, Mar 29, 19 @ 12:08 pm:
Too bad… with Rupert and Sinclair out there, I think its long overdue for unions to own their own media.
I have been a digital subscribe even though the website sucks. It’s worth it not to miss Fran Speilman’s articles.
- Last Bull Moose - Friday, Mar 29, 19 @ 12:41 pm:
Wordslinger, you are right. The Washington Post is another outlier. Hence my query.
- ChrisB - Friday, Mar 29, 19 @ 12:49 pm:
@Last Bull Moose
Charles Foster Kane would agree.
- Last Bull Moose - Friday, Mar 29, 19 @ 1:33 pm:
Rasputin and Citizen Kane in the same thread. It’s a good day.