Leftist fish wrap, oligarchs, hit the financial skids
This was a dark day at the Chicago Sun-Times. The Sun-Times MediaGroup, owner of the Chicago Sun-Times and numerous suburban newspapers,filed for Chapter 11 bankruptcy Friday morning, just a few months afterrival newspaper titan Tribune Company did the same thing.
It’s been only two days since the price of the Sun-Times went from 50to 75 cents, but it’s clear the newspaper needs every quarter it canget.
Even though its circulation puts it in the top 20 nationwide, ad salesare down dramatically and as CBS 2’s Mike Parker reports, there arefears the tabloid is about to fold.
As CBS 2’s Joanie Lum reports, the filing didn’t come as a surprise formany employees at the paper. The only surprise was that the Sun-Timesfiled for bankruptcy after the Tribune.
On Tuesday morning, the staff of the Sun-Times met in a meeting withthe bosses in the Holiday Inn located above their headquarters at 354N. Orleans St., to learn how bankruptcy protection will affect thenewspaper and its readers.