Chicago Sun-Times Being Sold

By: Pat Prescott
12/21/2011 04:53 PM ET

Chicago Sun Times Sold – Known as the oldest continuously published newspaper ion a daily basis in Chicago starting up in 1844, The Chicago Sun-Times will now be sold in hopes to save the failing paper.

The paper has fallen on some financial hardships one the past couple years. About two years ago the Sun-Times filed for bankruptcy and has laid of workers from writers and editors to printers ever since.

In July 2011 the paper said that it would be closing its printing plant on Ashland Avenue in Chicago, would outsource the printing of the newspaper to the rival Chicago Tribune, which would eliminate 400 printing jobs, a move that was estimated to save $10 million a year.

Most the blame for the downfall of Chicago Sun-Times is the same for most struggling newspapers across the country which is the rise of news sources on the internet.

Now a source for Fox Chicago News is confirming that Michael Ferro who is the head of the Chicago-based Merrick Ventures is leading a group of local investors in hopes to revive the dying paper.

Since 1970 the Chicago Sun-Times paper has won eight Pulitzer Prizes, including in 1975 when Roger Ebert, was awarded one for Criticism.