The Latest: Chicago Sun-Times owner vows independent press

The Latest on the sale of the Chicago Sun-Times (all times local):

3:15 p.m.

An investment group that includes Chicago-area unions says the newly-acquired Chicago Sun-Times will operate independently.

Chicago Federation of Labor president Jorge Ramirez said at a Thursday news conference that he'll serve as chairman of the Sun-Times.

ST Acquisition Holdings LLC, which includes a former Chicago alderman, has acquired the Sun-Times, the Chicago Reader, a website and production studio. Officials say that Sun-Times employees will be moved from the offices along the Chicago River to the studio, which is just west of downtown.

Financial terms of the deal weren't disclosed.

Experts say the deal is unusual because of the union involvement. The investment group says it will protect journalistic integrity.

A message for Chicago-based Wrapports LLC, which owned the Sun-Times, wasn't immediately returned.

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10:45 a.m.

An investment group led by a former Chicago alderman and a coalition of labor unions has acquired the Chicago Sun-Times.

ST Acquisition Holdings LLC made it official in a Thursday statement announcing an afternoon news conference. Former Alderman Edwin Eisendrath and representatives from the Chicago Federation of Labor and Sun-Times will attend.

Eisendrath submitted a bid last month after Sun-Times owner Wrapports LLC announced it would enter into discussions with Tronc Inc., which owns the rival Chicago Tribune, to acquire the paper.

He says in an email that the group is investing in a "journalistic voice that's genuine, accurate and consistently reporting news" that matters to Chicago residents.

Details of the deal weren't disclosed, including the complete list of investors.

A message for Chicago-based Wrapports wasn't returned.