An investment group backed by a coalition of labor unions and fronted by a local politician is buying the Chicago Sun-Times, edging an offer by the owner of rival Chicago Tribune.
ST Acquisition Holdings reportedly is paying $1 for Chicago's No. 2 paper and its sister publication, Chicago Reader.
Former alderman Edwin Eisendrath promises his group, which includes the Chicago Federation of Labor, "will make sure that a genuine voice with honest and good reporting that connects with working men and women thrives."
The Tribune's parent company, Tronc, made an offer for the S-T in May, which prompted the Justice Dept. to step in and call for more bids to prevent concentrated ownership in the Chicago media market.
ST then entered the fray and notched the S-T by obtaining more than $11M in operating funds to bankroll its new property.
The Chicago News Guild, which opposed the S-T sale to Tronc, supports the bid by Eisendrath.