CHICAGO (AP) — The Latest on plans by tronc Inc. to acquire the Chicago Sun-Times (all times local):
The U.S. Justice Department says it will investigate plans by Chicago Tribune-owner tronc Inc. to acquire rival Chicago Sun-Times.
Wrapports LLC on Monday announced it has agreed to enter into discussions with tronc after failing to interest other media companies in acquiring the Sun-Times.
The Chicago-based and privately owned Wrapports says the Sun-Times will be sold to tronc if no other viable buyer expresses interest in the newspaper within 15 days of an advertisement inviting other bids.
In a statement Monday, the Justice Department’s Antitrust Division announced it will closely monitor the sale process for the Sun-Times. It is advising interested prospective buyers to contact the Justice Department.
In addition to the Tribune, Chicago-based tronc publishes the Los Angeles Times, the Orlando Sentinel and the Baltimore Sun. The Tribune has handled all of the Sun-Times’ printing and distribution for the past several years.
A for-sale sign has been put on the Chicago Sun-Times, and the company that operates rival Chicago Tribune has announced it is interested in owning the newspaper.
Chicago-based Wrapports LLC announced Monday it has agreed to enter into discussions with tronc Inc. after failing to interest other media companies in acquiring the Sun-Times.
In a statement, Wrapports states if tronc acquires the Sun-Times, it would operate the newspaper as a separate unit, keeping in place the independent newsroom.
At one time tronc chairman Michael W. Ferro owned a stake in the Sun-Times. After taking the tronc post last year, he announced plans to donate that stake to a charitable trust to avoid the appearance of a conflict of interest.
Sun-Times publisher and editor-in-chief Jim Kirk said in a statement the acquisition of the newspaper by tronc is an opportunity for the Sun-Times to thrive.
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