Sun-Times Media Group

from Wikipedia, the free encyclopedia

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

history

The Sun-Times Media Group was originally in 1986 American US as a holding company for the under the name "American Publishing Company" assets of the publisher Hollinger Inc. founded. The company initially focused on newspapers, mostly in smaller markets. In February 1994 the company acquired the Chicago Sun-Times and went public to fund the purchase. At the time it was the fifteenth largest newspaper group in the United States. In 1994 the American Publishing Company changed its name to Hollinger International.

Hollinger's assets outside the United States, which included The Daily Telegraph and The Jerusalem Post , were added in 1996, with Canadian newspapers following in 1997. The company then evolved from the Financial Post into the National Post in 1998 .

However, in 1998 the company began to decline. Many of the small newspapers were sold to the private holding company "Leonard Green & Partners", which then formed the company "Liberty Group Publishing". In 2000 she sold most of the remaining newspapers to a total of four media companies (Bradford Publications Company, Community Newspaper Holdings, Paxton Media Group and Forum Communications). The shares in Canadian newspapers, especially the National Post , some smaller newspapers and a major stake in the Southam newspaper chain were sold to CanWest in 2000 . This transaction was related to the person Conrad Black, who had renounced his Canadian citizenship in order to gain a British title of nobility. That year, Hollinger International bought publications in the Chicago area in the form of Copley Press ( The Herald News , The Beacon-News , The Courier-News , and Lake County News-Sun , along with some smaller newspapers).

Conrad Black was fired from the board of directors of Hollinger International in 2004 for fraud. He tried to sell his shares to the Barclay Brothers in January 2004, at the same time the brothers made an offer to take over the company for the rest of the company. But the sale was blocked by United States law enforcement after However, the company's board of directors sued the sale.

The Barclay Brothers later bought the Telegraph Group, which consisted of 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 largest media group, announced an agreement to receive a 50 percent stake in The Jerusalem Post after Mirkaei acquired the shares. In February 2006, Hollinger sold essentially all of its Canadian assets.

On July 17, 2006, the company's name was changed from Hollinger International to Sun-Times Media Group.

On 31 March 2009, the company filed for bankruptcy protection under Chapter 11 of the United States Code .

In September 2009, Chicago financier James C. Tyree and a group of investors made a $ 5 million offer to acquire Sun-Times Media Group, depending on whether the unions would like to see a sharp cut in compensation payments and the Would accept change in working conditions. The acquisition was then completed the following month.

Tyree died unexpectedly in March 2011. The first managing director Jeremy Halbreich confirmed, however, that the company's strategy will not change. Since the acquisition by Tyree, the decline in circulation and advertising revenue has accelerated and the quality of the editorial content has deteriorated. Industry analysts had repeatedly pointed out the group's failure to create a competitive online product as circulation continued to decline. On December 6, 2011, the company announced that it intends to set up a so-called paywall for content that will be accessed from December 8, 2011.

On December 26, 2011, the Chicago investment firm Wrapports, LLC, led by Michael W. Ferro Jr. and CEO Timothy Knight, acquired the company. On October 31, 2014, Wrapports sold the Chicago suburban newspapers to the Chicago Tribune Media Group.

Sun-Times newspapers

Owned by the Chicago Sun-Times and the Chicago Reader in the United States.

Corporate management

November 17, 2003

  • Conrad Black resigned as chairman after an internal investigation found that he received more than $ 7 million in unauthorized payments in company funds.

January 14, 2004

  • Hollinger International is suing Conrad Black and David Radler for $ 200 million.

October 2005

  • Gordon A. Paris, Chairman of the Board, 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, Treasurer
  • James R. Van Horn, Vice President, Attorney General and Secretary
  • John Cruickshank, executive director, chairman of the Chicago Group
  • The directors are: Gordon Paris, Richard Burt , Daniel Colson, Cyrus Freidheim, Henry Kissinger , Shmuel Meitar, John O'Brien, Richard Perle , Graham Savage, Raymond GH Seitz and James R. Thompson .

November 2006

  • Cyrus Freidheim is hired as President and CEO.

February 2009

  • Cyrus Freidheim is stepping down as CEO after the New York-based hedge fund Davidson Kempner forced all but one of the members of the board of directors to leave the board.
  • Jeremy Halbreich becomes the new chairman and interim managing director.

Web links

Individual evidence

  1. ↑ Tim Jones: Hollinger's Crash Diet Stops Short Of Chicago. In: Chicago Tribune. August 4, 2000, accessed November 20, 2016 .
  2. ^ MS Beasley, Frank A. Buckless, SM Glover, DF Prawitt: Auditing Cases. Instructor Resource Manual, Upper Saddle River, NJ. 6th edition. Pearson education, inc., NJ 2009, p. 85 ( mfile.narotama.ac.id [PDF]). mfile.narotama.ac.id ( Memento of the original from October 10, 2016 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  @1@ 2Template: Webachiv / IABot / mfile.narotama.ac.id
  3. ↑ a b TheSunTimesGroup.com is for sale (The Sun Times Group). In: HugeDomains.com. Retrieved November 22, 2016 .
  4. ^ David Roeder: Tyree's vision will be missed, but newspaper will follow course. In: Chicago Sun-Times. March 20, 2011, archived from the original on March 21, 2011 ; accessed on November 22, 2016 .
  5. ↑ Wrapports LLC Buys Chicago Sun-Times, Purchase Completed Monday. Archived from the original on January 16, 2012 ; accessed on November 22, 2016 .
  6. ^ Robert Feder: Tribune buys suburban newspapers from Sun-Times - and Sun-Times buys more time. RobertFeder.com, October 31, 2014, accessed January 21, 2015 .