Sun-Times’ New Owners Say Path To Profit Is Work-In-Progress
The Chicago Sun-Times reportedly loses millions of dollars a year. The group of labor unions and investors that bought the paper this week say they have some concrete plans — like moving to less-expensive headquarters — and some grander ideas.
However, in announcing the new ownership Thursday, former Chicago alderman Edwin Eisendrath, who will serve as the company’s CEO, admitted: those ideas need refinement. The bid to buy the paper only came together in the last few weeks.
“Getting to today was an enormous undertaking,” he said. “But we were not afforded in this process the time to take our big plans and drive them into what you would say are implementation plans."
The new owners put up $11.2 million to cover losses and other expenses for the next couple of years.