A group of Chicago investors has agreed to buy the financially troubled Chicago Sun-Times, according to a person with knowledge of the negotiations.
The investor group is led by Michael W. Ferro Jr., the chief executive at Merrick Ventures, a technology holding company based in Chicago, and John A. Canning Jr., the chairman of Madison Dearborn Partners, a private equity firm in Chicago.
The person with knowledge of the negotiations, who declined to be identified because the agreement was not yet final, said the sale price was about $20 million. That is a low price for a major metropolitan daily, especially given the size of the paper’s circulation.
