Deadline For Bids To Buy Chicago Sun-Times Extended

CHICAGO, IL — The deadline to submit bids to purchase the Chicago Sun-Times has been extended into next week as two more parties might be making runs at the publication's parent company, which could derail plans by tronc, owner of the rival Chicago Tribune, to buy the city's other daily newspaper. The new bid deadline — which is now 5 p.m. Monday, June 5, changed from 5 p.m. Wednesday, May 31 — was announced Wednesday in an email to Sun-Times staffers from editor and publisher Jim Kirk, according to Chicago media writer Robert Feder. The extension is a request from the U.S. Department of Justice, which has been conducting an investigation into possible antitrust violations caused by tronc's purchase of Wrapports, which owns the Sun-Times and the alt-weekly Chicago Reader, the report added.

The new deadline only applies to prospective buyers who already have expressed interest in the Chicago-based media company, according to Feder. On Monday, David Roeder, a consultant for the Chicago News Guild, the union that represents Sun-Times and Reader journalists, told Politico Illinois that at least two other parties have shown interest in buying Wrapports, but he wouldn't identify them. (Get Patch real-time email alerts for the latest news for Chicago — or your neighborhood. And iPhone users: Check out Patch's new app.)

Tronc, which also owns the Los Angeles Times and the Baltimore Sun, announced its bid to buy Wrapports on May 15. Other potential buyers originally had 15 days to file competing bids and possibly prevent both of Chicago's daily newspapers from falling under a single ownership umbrella. The Justice Department's Antirust Division also needs to sign off on any purchase deal between tronc and Wrapports.

RELATED: Tronc, Owner Of Chicago Tribune, To Buy Chicago Sun-Times

Since tronc revealed its intentions of becoming the new owner of the Sun-Times, the Chicago News Guild has been trying to block the sale, arguing that such a consolidation of print ownership would be harmful to the diversity of voices in the Chicago media market. To that end, the union has spearheaded a campaign objecting to a corporate union between tronc and Wrapports. The group's efforts have included an online petition — No News Monopoly — that as of noon Wednesday, had collected more than 1,300 signatures.

"Each publication serves unique audiences within the city's diverse communities, and sustaining multiple, independent voices in Chicago journalism should be a greater priority than maximizing returns for investors in Tronc, Wrapports or any other potential owner," an explanation about the petition stated. "Despite the short timeline for a sale outlined by Wrapports LLC, the [Justice Department's] Anti Trust Division should exercise due diligence on behalf of the people of Chicago, and ensure that Tronc or any other buyer are committed to investing the resources necessary to sustain Wrapports and allow the Reader and Sun-Times to thrive."

Although a sale to tronc would mean the Tribune and Sun-Times would be batting for the same team, executives at both newspapers have pledged to maintain independent newsrooms in order to keep alive a variety of editorial voices in the city.

“If we successfully close, we will be pleased to have the Chicago Sun-Times join our existing family of strong brands and help it maintain its independent voice,” tronc CEO and director Justin Dearborn said in a statement following the bid announcement.

Discussions concerning a tronc-Wrapports deal have been ongoing since the beginning of the year, and both parties have kept the Justice Department informed about developments as a sign of good faith. That's why, when the potential sale was announced, Dearborn told Crain's Chicago Business he expected swift DOJ approval, barring any competing bids.

More via Robert Feder's Chicago media blog and Politico Illinois

Photo via Patch archive

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