A Chicago investment group is raising money to bankroll the purchase of the venerable Chicago Tribune from tronc. Inc.
Led by Sargent McCormick, a relative of Robert McCormick, former Tribune publisher, the group is seeking funds from Illinois-based companies, such as Boeing and Caterpillar, and civic groups, according to Bloomberg.
The investors may either make a bid for the 171-year-old Tribune or take a big stake in tronc.
McCormick said the group wants Chicago to have a "really strong independent newspaper."
Tronc completed the sale of the Los Angeles Times and San Diego Times-Union to billionaire Patrick Soon-Shiong on June 17.
It owns the New York Daily News, Baltimore Sun, Hartford Courant, Morning Call (Allentown), Orlando Sentinel and Virginia-Pilot.