Ex-Alderman Leads Union Group Trying To Buy Chicago Sun-Times

CHICAGO, IL — A former Chicago alderman is leading an investment group to buy the Chicago Sun-Times and could spoil an initial offer by tronc, owner of the Chicago Tribune, to buy the city's other daily newspaper. The group, which is headed by Edwin Eisendrath and includes several labor unions and other investors, submitted a $15 million bid Monday to purchase Wrapports, the Sun-Times' parent company that also owns the weekly alt newspaper the Chicago Reader, according to media blogger Robert Feder.

Jim Kirk, the publisher and editor in chief of the Sun-Times, confirmed the bid in an email to staffers Tuesday. He told employees in the message that the offer would be evaluated in the next few days to see if "it meets the standards agreed to with the US Department of Justice at the outset of this process," the Sun-Times reports. (Get Patch real-time email alerts for the latest news for Chicago — or your neighborhood. And iPhone users: Check out Patch's new app.)

Tronc, which also owns the Los Angeles Times and the Baltimore Sun, announced its bid to buy Wrapports on May 15, and other potential buyers originally had 15 days to file competing bids in order to possibly prevent both of Chicago's daily newspapers from falling under a single ownership umbrella. Despite the possible consolidation of ownership, tronc officials have said they are committed to maintaining independent newsrooms and voices between the two papers.

The bid deadline, however, was extended by the US Department of Justice, which has been conducting an investigation into possible antitrust violations caused by tronc's purchase of Wrapports and needs to sign off on the deal before it is final. According to the Sun-Times, Wrapports received multiple bids by the 5 p.m. Monday deadline, and they are being reviewed. Bidders needed a minimum capitalization of $11.2 million to be considered, Feder reports.

RELATED: Tronc, Owner Of Chicago Tribune, To Buy Chicago Sun-Times

Although his initial interest in acquiring the Sun-Times started late last year, Eisendrath, 59, told Feder he didn't actively pursue until tronc's offer in May. He then teamed up with the Chicago Federation of Labor, a labor group that represents more than 300 unions connected with the AFL-CIO. About a dozen other investors also are involved with the bid, but the Chicago native told Feder they only want to be named if Wrapports follows through.

Eisendrath said his motivation behind trying to buy the Sun-Times stems from a desire "to do great journalism," something he says the publication already does. He also hopes that will lead to rebuilding a sense of community in this country that has been shattered by the current, fractious political climate.

"We start to heal if we go back to what Americans do best and stop paying attention to the celebrities and start paying a little more attention to ourselves and tell the news of our lives," Eisendrath said. "Real news of our lives — not the news of somebody else’s. I don’t mind telling celebrity stories, but they have to matter to us in some way. If we do that, it’s not only good business, but it’s healing for the country."

Elected to the City Council at 32, Eisendrath represented the Lincoln Park area's 43rd Ward from 1987-93. He unsuccessfully ran for Illinois governor in 2006, losing the Democratic nomination to then-incumbent Rod Blagojevich. Eisendrath currently is a managing partner at StrateSphere Global Initiatives.

More via Robert Feder's Chicago media blog and the Chicago Sun-Times

Former Chicago Ald. Edwin Eisendrath is leading an investment group to buy the Chicago Sun-Times. (Eisendrath photo by Brian Kersey | Associated Press; Chicago Sun-Times photo by G-Jun Yam | Associated Press)

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