Sun-Times Media Group (formerly Hollinger International) is a Chicago-based newspaper publisher.

History

Sun-Times Media Group was founded in 1986 under the name ''American Publishing Company'', as a holding company for

Hollinger Inc. Hollinger Inc. was a Canadian media company based in Toronto which was established by businessman Conrad Black. At one time, the company was the third-largest media empire in the world. The company went bankrupt in 2007. History Hollinger Inc. ...

's American properties. It focused on newspapers, mostly in smaller markets. In February 1994, it acquired the '' Chicago Sun-Times'', holding an initial public offering (IPO) to fund the acquisition. At the time, it was the fifteenth-largest U.S. newspaper group. It changed its name to ''Hollinger International'' in 1994. Hollinger's non-American properties, which included '' The Daily Telegraph'' and '' The Jerusalem Post'' were added to the company in 1996, and its Canadian papers in 1997. It created the ''

National Post The ''National Post'' is a Canadian English-language broadsheet newspaper available in several cities in central and western Canada. The paper is the flagship publication of Postmedia Network and is published Mondays through Saturdays, with M ...

'' from the '' Financial Post'' in 1998. That year, it began a process of shrinking the company, selling many of its small papers to the private equity firm Leonard Green & Partners, who formed Liberty Group Publishing. In 2000, it sold most of the rest to four media companies ( Bradford Publications Company,

Community Newspaper Holdings CNHI, LLC (formerly Community Newspaper Holdings, Inc.) is an American publisher of newspapers and advertising-related publications throughout the United States. The company was formed in 1997 by Ralph Martin,

Paxton Media Group Paxton Media Group of Paducah, Kentucky, is a privately held media company with holdings that include newspapers and a TV station, WPSD-TV in Paducah. David M. Paxton is president and CEO. The company owns 32 daily newspapers and numerous weekl ...

, and Forum Communications). Its Canadian holdings, notably the ''

'', several smaller papers, and a majority stake in the Southam newspaper chain, were sold to

CanWest Canwest Global Communications Corporation, which operated under the corporate name Canwest, was a major Canadian media conglomerate based in Winnipeg, Manitoba, with its head offices at Canwest Place. It held radio, television broadcasting an ...

in 2000 in connection with

Conrad Black Conrad Moffat Black, Baron Black of Crossharbour (born 25 August 1944), is a Canadian-born British former newspaper publisher, businessman, and writer. His father was businessman George Montegu Black II, who had significant holdings in Canadi ...

renouncing his Canadian citizenship to gain a British peerage. That year, Hollinger International bought the Chicago-area publications of Copley Press ('' The Herald News'', ''

The Beacon-News Tribune Publishing Company (briefly Tronc, Inc.) is an American newspaper print and online media publishing company. The company, which was acquired by Alden Global Capital in May 2021, has a portfolio that includes the ''Chicago Tribune'', th ...

'', ''The Courier-News'', and '' Lake County News-Sun'', along with several smaller papers). Conrad Black was fired by the Hollinger International board in 2004 for fraud. He attempted to sell his stake to the

Barclay brothers Sir David Rowat Barclay (27 October 1934 – 10 January 2021) and Sir Frederick Hugh Barclay (born 27 October 1934), commonly referred to as the "Barclay Brothers" or "Barclay Twins", were British billionaires. They were identical twin brothers ...

in January 2004 and the brothers launched a takeover bid for the rest of Hollinger International. However the sale was blocked by a judge in the United States after the company's board lodged a court action against the sale. The Barclay brothers later bought The Telegraph Group which included '' The Daily Telegraph'', '' The Sunday Telegraph'', and '' The Spectator''. On November 16, 2004, the sale of '' The Jerusalem Post'' to Mirkaei Tikshoret, a Tel Aviv-based publisher of Israeli newspapers, was announced. CanWest Global Communications, Canada's biggest media concern, announced it has agreed to take a 50 percent stake in ''The Jerusalem Post'' after Mirkaei buys the property. In February 2006, Hollinger sold substantially all of its Canadian assets. The corporation's name was changed to Sun-Times Media Group on July 17, 2006. On March 31, 2009, the company filed for bankruptcy protection under Chapter 11 of the

United States Code In the law of the United States, the Code of Laws of the United States of America (variously abbreviated to Code of Laws of the United States, United States Code, U.S. Code, U.S.C., or USC) is the official compilation and codification of the ...

. In September 2009, Chicago financier

James C. Tyree James C. Tyree (October 30, 1957 – March 16, 2011) was a Chicago financier who was chairman and chief executive officer of Mesirow Financial since 1994. In 2009, he led a team of investors that took control of the ''Chicago Sun-Times'' newspaper, ...

and a team of investors had a $5 million bid accepted to purchase the Sun-Times Media Group, contingent on the paper's unions accepting deep compensation cuts and work-rule changes. The purchase was completed the next month. Tyree died suddenly in March 2011. Jeremy Halbreich, chief executive, said that Tyree will be greatly missed and that his death will make no changes in the media company's strategy. Since the Tyree-Halbreich takeover, the organization has shown accelerating declines in circulation, advertising revenue and quality of editorial content. Industry analysts have repeatedly pointed to the group's failure to craft a competitive online product as evidence of continued decline. On December 6, 2011, the company announced it will institute a

paywall A paywall is a method of restricting access to content, with a purchase or a paid subscription, especially news. Beginning in the mid-2010s, newspapers started implementing paywalls on their websites as a way to increase revenue after years of ...

to access its online content from December 8, 2011. Later in December 2011, Chicago investment group

Wrapports Wrapports LLC was the American-based privately owned publisher of the ''Chicago Sun-Times'' and the '' Chicago Reader''. It was headquartered in the ''Sun-Times'' building in Chicago. History The company was launched in late 2011 by Michael W. F ...

L.L.C. A limited liability company (LLC for short) is the US-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a ...

, led by Chairman

Michael W. Ferro Jr. Michael W. Ferro Jr. (born 1966) is an American businessman and tech entrepreneur, founder of Click Commerce and Higi, as well as several other companies including Merrick Ventures, a Chicago-based private equity firm. From February 2016 to Ma ...

& CEO Timothy Knight, bought the properties of Sun-Times Media Holdings.

Corporate governance

;November 17, 2003 *

resigns as chairman after an internal inquiry alleges that Black had received more than $7 million in unauthorized payments of company funds. ;January 14, 2004 * Hollinger International files a million lawsuit against Conrad Black and David Radler. ;October 2005 *Gordon A. Paris, chairman of the board of directors, president, chief executive officer and director *Paul B. Healy, vice president, corporate development and investor relations *Peter K. Lane, vice president, chief financial officer *

Robert T. Smith Robert Tharp (R.T.) Smith (February 23, 1918 – August 21, 1995) was an American World War II fighter pilot and ace, credited with 8.7, 8.9 or 9 Japanese aircraft while fighting with the American Volunteer Group (Flying Tigers). Early life He wa ...

, treasurer *James R. Van Horn, vice president, general counsel and secretary *John Cruickshank, chief operating officer, head of the Chicago group * Members of the board of directors: Gordon Paris, Richard Burt, Daniel Colson, Cyrus Freidheim, Henry Kissinger, Shmuel Meitar, John O'Brien, Richard Perle,

Graham Savage Sir (Edward) Graham Savage CB (born 31 August 1886 – 18 May 1981) was an English civil servant who largely invented the concept of comprehensive schools and originated the phrase. Early life Born Erpingham, Savage was the son of Edward Graham ...

Raymond G. H. Seitz Raymond George Hardenbergh Seitz (born December 8, 1940) is a former career diplomat and U.S. Ambassador to the United Kingdom. He was born in Honolulu, Hawaii on December 8, 1940. He is the son of United States Army Major General John F. R. Se ...

, and James R. Thompson. ;November 2006 * Cyrus Freidheim is hired as president and CEO. ;February 2009 * Cyrus Freidheim resigns as CEO after New York-based hedge fund

Davidson Kempner Davidson Kempner Capital Management LP (“Davidson Kempner”) is a global institutional alternative investment management firm with over $38 billion in assets under management. Davidson Kempner is headquartered in New York City, with additional ...

forces the ousting of all but one member of the board of directors. * Jeremy Halbreich becomes the new chairman and interim chief executive.

References

External links

Sun-Times Media Group
official site
Pioneer Press
local newspapers' site (part of ''Chicago Tribune'')

Extensive background information, including past and present media holdings.

Complete 512-page copy of the Report of Investigation by the Special Committee of the Board of Directors of Hollinger International Inc.

{{2008 economic crisis Newspaper companies in Chicago Publishing companies established in 1986 1986 establishments in Illinois Chicago Sun-Times Companies that filed for Chapter 11 bankruptcy in 2009

History

Corporate governance

See also

References

External links