Investment group to acquire Chicago Sun-Times

By the Associated Press | December 21, 2011 | 10:20 PM EST

CHICAGO (AP) — A new investment group led by a Chicago entrepreneur and a former Newsday media executive says it has agreed to buy Sun-Times Media Holdings, the company that owns the Chicago Sun-Times newspaper.

The investment group, Wrapports LLC, released a statement late Wednesday saying the transaction should close by year's end. Sun-Times Media also owns several newspapers in suburban Chicago.

Terms of the agreement were not disclosed.

The group is led by Michael Ferro Jr., the CEO of private equity firm Merrick Ventures, and Timothy Knight, who was most recently CEO of Newsday Media Group. Merrick Ventures deals with technology companies, and Knight says he is looking forward to cutting edge technologies and new content portals.