The five dozen newspaper titles and Web sites that constituted the Sun-Times Media Group left bankruptcy under new ownership Monday afternoon. For about $26.5 million, most of it necessary to cover old debts, financier Jim Tyree and his fellow investors took control of what's now Sun-Times Media Holdings, LLC.
"Our investor team believes there is tremendous opportunity and untapped potential in Sun-Times Media portfolio of newspapers and Web sites,," said Tyree, who's chairman of STMH, in a statement. "We look forward to a long, prosperous future with our new owners." said Jeremy Halbreich, interim CEO of the media group who stays on as CEO and vice chairman of STMH.
The announcement was STMG's second news release of the day. The first reported that over the past six months daily circulation of the Sun-Times dropped by 12 percent. Daily circulation of the group's seven suburban dailies was down 11 percent.