Did you know that instead of reading constantly updated breaking news online, you can also access a summary of yesterday’s news in physical, printed format? There are several types of “print,” including things called “magazines” and “newspapers.” Several are for sale, including one here in Arkansas. But so far, not many folks want to buy them. Until now!
Struggling newspaper publisher Sun-Times Media Group said Tuesday that a private investor group led by Chicago banker James Tyree will bid $5 million in cash for its assets in a bankruptcy court auction.
The group, called STMG Holdings LLC, also would assume about $20 million of Sun-Times’ liabilities, the company said.
Sun-Times Media, which owns the Chicago Sun-Times and 58 suburban Chicago newspapers and Web sites, filed for Chapter 11 bankruptcy protection in March.
Surely, the Sun-Times Media Group is saying, “Where do I sign?” But there’s a hang-up. STMG wants concessions from the paper’s union workers, which the Chicago Newspaper Guild says “bascially guts our contract.” Doh!
Meanwhile, struggling BusinessWeek magazine (which boasts a vibrant Web site — irony!) has not one, not two but several suitors, including New York Mayor Michael Bloomberg’s own firm, Bloomberg LP:
Mayor Mike’s company is now seen as the frontrunner, replacing Lazard boss Bruce Wasserstein, owner of New York Magazine and The Deal.
A bidding war for a magazine?
Print = not dead yet!
Bloomberg Enters Bid Fray for BuinessWeek – Jon Fine
Filed under: business, Internet, Media, Newspapers, Politics | Tagged: Arkansas, Bloomberg LP, BusinessWeek, Chicago Newspaper Guild, Chicago Sun-Times, investments, James Tyree, Jon Fine, magazines, Media, Michael Bloomberg, Newspapers, print, STMG Holdings, Sun-Times Media Group, Wall Street Journal |