Sun-Times Media expected to sell Herald-News to Shaw Media
BY BRIAN SLODYSKO Staff Reporter December 23, 2013 12:06AM
Sun-Times Media, publisher of the Chicago Sun-Times and several other local media products, is expected to announce that it is selling the Herald-News in Joliet to Shaw Media.
Terms of the deal, including the purchase price, were not disclosed.
The expected purchase of the roughly 25,000-circulation daily newspaper follows several weeks of negotiations between the two companies.
Shaw Media, which has expanded its reach in the Chicago region in recent years, owns the Suburban Life chain of newspapers; the Daily Chronicle in DeKalb; the Northwest Herald in Crystal Lake, and several papers in Iowa.
Unclear is the fate of the paper’s staff, including several reporters who are members of the Chicago Newspaper Guild.
Timothy Knight, CEO of Sun-Times owner Wrapports LLC, said in an email: Sun-Times Publisher and Editor “Jim Kirk and his team continue to successfully execute on our plan to develop digital products and services for our local Sun-Times audiences. The Wrapports businesses receive interest from a variety of third parties and we continually evaluate all of these opportunities.”
Knight refuted a report in Crain’s Chicago Business stating that Wrapports was seeking outside investment. “Wrapports has significant remaining capital commitments from our investors to invest in new businesses and opportunities.”
Shaw Media president John Rung did not respond to requests for comment Sunday evening.
In 2011, Wrapports LLC spent more than $20 million to purchase the Sun-Times and nearly 40 titles that cover suburban Chicago, including the SouthtownStar; Lake County News-Sun; Herald-News of Joliet; Beacon-News of Aurora; Post-Tribune of Northwest Indiana; Courier-News of Elgin; Naperville Sun, and the Pioneer Press chain of weeklies.