Sun-Times Media Group, the company anchored by the Chicago Sun-Times, has appointed a team of three directors to consider “strategic alternatives” for the company – the usual euphemism for hanging out a for sale sign. The move had been widely expected, following months of cost-cutting as ad revenues declined. Unlike most publicly traded newspaper companies, Sun-Times Media has no geographic diversity at all. It is totally dependent on the Chicago area, where it has the city’s #2 daily and dozens of suburban newspapers.
“Sun-Times Media Group is very fortunate to have a solid portfolio of publications and websites that deliver the highest quality journalism to the communities we serve and great value to our advertisers. The steps that we’ve taken in the past year are designed to make sure that this is true today and will continue into the future. Our Board’s decision to explore strategic next steps now is the right thing to do to ensure the future of the Sun-Times Media Group publications and Web sites and to generate the highest value for our shareholders.” Said CEO Cyrus Freidheim Jr.