Sun-Times Media Chairman Jeremy Halbreich said the newspaper was bought by a group led by former Newsday publisher and chief executive officer Timothy Knight and Chicago businessman Michael Ferro Jr., the Chicago Tribune reported Thursday.
"It's a very exciting opportunity. The Sun-Times properties across all of Chicagoland are very strong brands in their markets, have deep commitments to their communities and provide a great platform for us to build our technology-enabled content business," Knight said.
Knight has experience in Chicago's media landscape, working for many years as an executive at the Chicago Tribune. He also has experience as chief executive officer of an Internet company, CraftEDU, albeit briefly, the Tribune said.
Ferro, who will be the new company's chairman, is currently chairman of private equity firm Merrick Ventures, which mostly invests in technology companies, the Sun-Times reported.
Halbreich will retire by the end of the year, the newspaper said.
The terms of the deal were not disclosed, but a source said the business was purchased for around $20 million.