own account<\/a> described the deal as \u201cproviding a lifeline to the scrappy but struggling tabloid.\u201d Others viewed it as the beginning of the end.<\/p>\nThe man behind all the machinations is Michael Ferro, the Chicago tech entrepreneur who headed Wrapports until 2016 when he switched sides to become chairman of Tribune Publishing, later renamed tronc.<\/p>\n
Ferro has never disavowed ambitions to take back the Sun-Times and combine its ownership with the Tribune. In an interview weeks after he took over the Tribune, Ferro said of buying the Sun-Times: \u201cI do see that someday, and why not?\u201d<\/p>\n
Here is the text of the tronc press release:<\/strong><\/p>\ntronc Makes Bid for Owner of Chicago Sun-Times<\/em><\/p>\nCombination would preserve Sun-Times independent voice, increase tronc\u2019s digital audience<\/em><\/p>\nCHICAGO, May 15, 2017 (GLOBE NEWSWIRE) -- tronc, Inc. (NASDAQ:TRNC) has entered into a non-binding letter of intent to acquire Wrapports Holdings, LLC, the owner of the Chicago Sun-Times and other media assets, including its minority ownership interest in digital content network business Aggrego, LLC, the alternative weekly Chicago Reader and syndicated column The Straight Dope.<\/em><\/p>\nThe announcement comes as Wrapports, at the request of the U.S. Department of Justice\u2019s Antitrust Division, publishes notice tomorrow of its plan to sell the Sun-Times to a buyer that will continue to publish the paper. If no other bidder comes forward, tronc will be that buyer and the acquisition will close as early as June 1.<\/em><\/p>\n\u201cThe acquisition is the latest in almost a decade of transactions between the owners of the Chicago Tribune and Chicago Sun-Times,\u201d said Tim Knight, president of troncX who also heads mergers and acquisitions for the company.<\/em><\/p>\n\u201cIn 2007, Chicago Tribune Media Group began distributing the Chicago Sun-Times and its then owned suburban papers,\u201d said Knight. \u201cAs this relationship continued to evolve, the parties agreed in 2011 to have Chicago Tribune print the Chicago Sun-Times, an agreement that continues today. Discussions about a further combination of the businesses continued over the next few years, resulting in the Chicago Tribune Media Group\u2019s 2014 purchase of the Sun-Times\u2019 suburban titles.\u201d<\/em><\/p>\n\u201cIf 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,\u201d said tronc CEO and director Justin Dearborn. \u201ctronc will benefit from increased unique visitors, better engagement with Sun-Times consumers and more data for future troncX initiatives.\u201d<\/em><\/p>\nEarlier this year, Wrapports management approached tronc leadership about pursuing the transaction. Since that time, the parties have worked with the Department of Justice to demonstrate that this combination is the best way to preserve multiple editorial voices in the greater Chicago area.<\/em><\/p>\nThe specific terms of the potential transaction are not yet finalized. If it closes, Chicago Sun-Times will continue to be an independent newsroom.\u00a0<\/em><\/p>\n