Sun-Times purchase OKd by judge

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Posted: Thursday, October 8, 2009 11:15 am

Sun-Times Media Group will be purchased by a Chicago financier now that a U.S. bankruptcy court judge has approved the sale of the Chicago Sun-Times publisher.

James Tyree's group, STMG Holdings LLC, offered $25 million -- $5 million in cash -- to buy STMG, which filed for bankruptcy earlier this year.

The purchase was contingent upon STMG's 16 unions agreeing to stiff wage and benefit concessions. Although workers initially rejected Tyree's request to modify their contracts, in the last week most reconsidered, thus paving the way for Tyree's bid to succeed.

In addition to the Sun-Times, STMG publishes dozens of other weekly and daily papers in the Chicago area.

The sale is expected to close by the end of this month.

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