Tronc Inc. , the former Tribune Publishing, said late Monday it has entered into a nonbinding letter of intent to buy Wrapports Holdings LLC, the owner of the Chicago Sun-Times and other media assets, which include the Reader, a pioneering alternative weekly, and the Straight Dope syndicated column. The announcement came as Wrapports, at the request of the Justice Department's antitrust division, is set to publish a notice Tuesday of its plan to sell the Sun-Times to a buyer that will continue to publish the paper, Tronc said. If no other bidder comes forward, Tronc will be that buyer, with the acquisition closing as soon as June 1. No value was given for the transaction. Tronc's Chicago Tribune Media Group has been distributing the Sun-Times since 2007, and the parties agreed to have Tribune print the Sun-Times in 2011. In 2014, the Tribune bought the Sun-Times' suburban newspapers. If the deal goes through, the Sun-Times newsroom will continue as an independent newsroom, said Tronc, which also owns the Los Angeles Times, the Orlando Sentinel, the Baltimore Sun and other newspapers. Tronc shares were flat in late trading after ending the regular session up 1%.
Copyright © 2017 MarketWatch, Inc.