CHICAGO — An investor group headed by a former Chicago city council member and includes labor unions has secured enough money to buy the Chicago Sun-Times.
Edwin Eisendrath told the Sun-Times on Monday his group met a deadline set by the U.S. Department of Justice to come forward with proof of funding to operate the newspaper going forward. Bob Reiter of the Chicago Federation of Labor said the group raised “in excess of $11.2 million.”
Eisendrath came forward with a bid to buy the Sun-Times after owner Wrapports LLC announced it would enter into discussions with Tronc, which owns the rival Chicago Tribune and several other major newspapers, to acquire the newspaper.
The Justice Department’s Antitrust Division is involved in the sale because of its opposition to a single entity controlling multiple media operations in the same market.
Both Tronc and Wrapports have said the Tribune and Sun-Times would operate as separate, independent voices if Tronc acquires Wrapports.