Group led by ex-alderman, unions acquires Chicago Sun-Times

CHICAGO — An investment group led by a former Chicago alderman and a coalition of labor unions are the new owners of the Chicago Sun-Times, officials announced Thursday in an unusual deal that revived questions about media ownership and influence over coverage.

Officials with ST Acquisition Holdings LLC, including former City Council member Edwin Eisendrath and representatives from the Chicago Federation of Labor, detailed the agreement at a news conference, billing themselves a "unique alliance" to preserve a newspaper that's faced financial troubles over the years.

"We believe in protecting the institution of journalism itself as well amplifying the diversity of voices and perspectives of Chicago stories, both locally and nationally," said CFL President Jorge Ramirez, who will serve as chairman of the newspaper and who noted the city's strong union roots. "We're turning this paper back over to its people."

Eisendrath, who left the City Council in 1993 when he was appointed to a U.S. Department of Housing and Urban Development post, 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.