Investment Group Completes Purchase of Sun-Times

A new investment group has completed its purchase of the company that owns the Chicago Sun-Times.

A spokesman for Wrapports LLC says its transaction to buy Sun-Times Media Holdings LLC closed Monday. Sun-Times Media also owns a chain of newspapers in suburban Chicago and Indiana.

Sun-Times Media filed for bankruptcy in March 2009 and was led out of bankruptcy later that year by an investment group headed by Mesirow Financial president James Tyree. Tyree died earlier this year.

While the newspaper has slashed costs and cut dozens of staff positions, the Sun-Times won a Pulitzer Prize earlier this year for local reporting.

Its new ownership group is led by technology investor Michael Ferro Jr. and Timothy Knight, the former publisher of Long Island, N.Y., newspaper Newsday.