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Sun-Times Media Group was founded in 1986 under the name American Publishing Company, as a holding company for Hollinger Inc.'s American properties. It focused on newspapers, mostly in smaller markets. In February 1994, it acquired the Chicago Sun-Times, holding an initial public offering (IPO) to fund the acquisition. At the time, it was the fifteenth-largest U.S. newspaper group. It changed its name to Hollinger International in 1994.
Conrad Black was fired by the Hollinger International board in 2004 for fraud.[2] He attempted to sell his stake to the Barclay brothers in January 2004 and the brothers launched a takeover bid for the rest of Hollinger International. However the sale was blocked by a judge in the United States after the company's board lodged a court action against the sale.
The Barclay brothers later bought The Telegraph Group which included 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 biggest media concern, announced it has agreed to take a 50 percent stake in The Jerusalem Post after Mirkaei buys the property. In February 2006, Hollinger sold substantially all of its Canadian assets.[3]
The corporation's name was changed to Sun-Times Media Group on July 17, 2006.[4]
In September 2009, Chicago financier James C. Tyree and a team of investors had a $5 million bid accepted to purchase the Sun-Times Media Group, contingent on the paper's unions accepting deep compensation cuts and work-rule changes. The purchase was completed the next month.
Tyree died suddenly in March 2011. Jeremy Halbreich, chief executive, said that Tyree will be greatly missed and that his death will make no changes in the media company's strategy.[5]
Since the Tyree-Halbreich takeover, the organization has shown accelerating declines in circulation, advertising revenue and quality of editorial content. Industry analysts have repeatedly pointed to the group's failure to craft a competitive online product as evidence of continued decline. On December 6, 2011, the company announced it will institute a paywall to access its online content from December 8, 2011.
Later in December 2011, Chicago investment group Wrapports, L.L.C., led by Chairman Michael W. Ferro Jr. & CEO Timothy Knight, bought the properties of Sun-Times Media Holdings.[6]
Conrad Black resigns as chairman after an internal inquiry alleges that Black had received more than $7 million in unauthorized payments of company funds.
January 14, 2004
Hollinger International files a US$200 million lawsuit against Conrad Black and David Radler.
October 2005
Gordon A. Paris, chairman of the board of directors, president, chief executive officer and director
Paul B. Healy, vice president, corporate development and investor relations
Peter K. Lane, vice president, chief financial officer
U.S. SEC – Breeden Report Complete 512-page copy of the Report of Investigation by the Special Committee of the Board of Directors of Hollinger International Inc.
