Financier circles iconic city paper

AN investment banker is circling the Chicago Sun-Tribune, which is currently bankrupt and existing courtesy of America’s Chapter 11 solvency provisions.

James Tyree, chairman of an Illinois financial services company, Mesirow, said he did not want the company that owns the newspaper but only its media assets.

He was report as telling the cnews website in Calinfornia that he was putting a bid together.

He said he wanted the Chicago Sun-Times and its sister regional publications only.

Some of America’s iconic newspapers, such as the Sun-Times, are now so deep in debt with a languishing share price that many of them are fair-game for entrepreneurs who believe they can make a go of the newspaper business.

This may well be one of many such reports of the next few months as American publishers battle their way through the mistakes of excess – too much debt, too much cost, too few digital strategies, too much arrogance.

On the other hand, claiming to be interested in buying a newspaper is a cheap and easy way to make a headline and get a bit of free PR given journalists’ overwhelming, and seemingly unresisted desire to continually speculate about their own industry.
Mark Hollands

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