They’ve dotted the Is and crossed the Ts on a pair of transactions involving the media in America’s #3 market.
The Sun-Times Media Group Inc., which includes the Chicago Sun-Times and more than 50 suburban publications, was sold out of bankruptcy to Chicago businessman James Tyree, who promised to maintain the company’s local flavor. The value of the deal is placed at about $26.5M.
Meanwhile, Tribune Company completed its spin-off of all but 5% of the MLB marquee franchise Chicago Cubs to the Ricketts family. They get not only the Cubs, but the Cubs’ legendary domicile, Wrigley Field. Along with its 5% stake, Trib retains radio and television broadcast rights. The deal is valued at $845M.