Chicago Public Media to acquire Sun-Times under merger plan with WBEZ
The Chicago Sun-Times would become a subsidiary of Chicago Public Media, nonprofit parent company of WBEZ 91.5-FM, under a “historic partnership” being pursued by the two legacy media organizations.
Confirming a report here, the board of Chicago Public Media voted Wednesday to approve a non-binding letter of intent to “explore joining together as one organization to grow and strengthen local journalism in Chicago.” Target for completion of the merger is the end of this year.
https://www.robertfeder.com/2021/09/30/chicago-public-media-acquire-sun-times-merger-plan-wbez/
WBEZ & the Sun-Times joint announcement: https://www.wbez.org/pressroom/chicago-public-media-and-chicago-suntimes-announce-plans-to-explore-a-combination-as-a-local-nonprofit-news-organization-in-chicago
For those not familiar with the US Midwest media scene: one of Chicago's two surviving daily papers, the Chicago Sun-Times, is in a deal to be aquired by the city's NPR affiliate, WBEZ, and operated as a not-for-profit news organisation under the Chicago Public Media umbrella.
This leaves the rather troubled Chicago Tribune standing on its own (though with its recently-installed blood-leeching capital-equity fund owner sucking what little cashflow remains). Crain's Chicago Business is, as it says on the tin, a busines-focused newspaper also operating in the city.
Numerous other mentions:
Crain's Chicago Business: https://www.chicagobusiness.com/marketing-media/chicago-sun-times-chicago-npr-outlet-wbez-merge
The Chicago Sun-Times: https://chicago.suntimes.com/business/2021/9/29/22700608/sun-times-wbez-parent-company-talks-combined-entity-chicago-public-media
As of earlier today, the Tribune lacked any mention of the story concerning its principle print competitor, though it did note the departure of yet another of its own senior editors, one of over 40 departures since May. They've since filed their own story: https://www.chicagotribune.com/business/ct-biz-wbez-sun-times-merger-nonprofit-news-20210930-uianzlimx5dxljt2xa5qfybcbq-story.html
#media #PublicRadio #Newspapers #DeathOfNewspapers #MergersAndAquisitions #wbez #ChicagoSunTimes #NonProfitNews #journalism #chicago
