The Chicago Reader’s parent company, Creative Loafing Inc., was bought by its largest creditor, Atalaya Capital Management, a New York hedge fund. Atalaya has no experience running a paper, but it has hired a couple of old media hands for editorial advice: James O’Shea, the former managing editor of the Chicago Tribune, and Richard Gilbert, the one-time chief executive of suburban-based Pioneer Press. Chicago Reader media columnist Michael Miner talks about his new bosses.

Music Button: Powerhouse Sound, “New Dirt”, from the CD Oslo/Chicago: Breaks, (Atavistic records)