Some newspaper readers in the Windy City are illuminated by this Sun. Sun-Times Media Holdings publishes the Chicago Sun-Times, one of the county's top daily newspapers serving Chicago along with rival paper the Chicago Tribune (published by Tribune Company). The Sun-Times boasts a circulation of about 250,000. In addition to its flagship paper, Sun-Times Media publishes more than 50 community papers serving the Chicago metropolitan region, including The Herald-News (Joliet, Illinois) and the SouthtownStar (Tinley Park, Illinois). It also operates websites in association with most of its papers. Formed in 2009, Sun-Times Media is owned by an investment group led by Chicago businessman James Tyree.
The company's media assets were previously owned by Sun-Times Media Group (STMG), which was forced to seek bankruptcy protection early in 2009 due to declines in the newspaper business and its own heavy debt load. Sun-Times Media purchased the assets for about $5 million plus the assumption of $22 million in debt. The group also negotiated a series of wage and benefit concessions from unions in order to keep the newspapers afloat.
Jeremy Halbreich was brought in as CEO of Sun-Times Media to turn the newspapers around. He previously served as president and general manager of The Dallas Morning News, a paper owned by A. H. Belo, and he later founded American Consolidated Media.
Other investors in the company's ownership group include real estate developer Kevin Flynn and Rocky Wirtz who controls liquor distributor Wirtz Corporation and the Chicago Blackhawks hockey team. Tyree serves as chairman and CEO of financial services giant Mesirow Financial Holdings. – less