July 1, 2017
Chicago Sun Times acquired by consortium of local investors
Bulkley Capital served as exclusive financial advisor to Wrapports, LLC (Chicago, Illinois), a media and technology platform, in the sale of the Chicago Sun-Times, the Chicago Reader and straightdope.com to ST Acquisition Holdings, LLC, an entity organized by former Chicago Alderman Edwin Eisendrath and including the Chicago Federation of Labor, individual investors and other unions.
Bulkley Capital was engaged by Wrapports to evaluate financial alternatives relating to the company’s ownership of the Chicago Sun-Times, a tabloid daily newspaper with circulation of 120,000, as well as the alternative newsweekly Chicago Reader and the website straightdope.com. The owners were seeking to identify a buyer with the resources to preserve and enhance the standing of the Sun-Times.
The media properties were successfully sold to ST Acquisition Holdings, an entity formed by a consortium of labor union organizations and individual investors. As part of the sale transaction, the buyer raised committed funds of $11 million to support the ongoing operations of the purchased titles.