Businessman Michael Sacks and Chicago Blackhawks Chairman Rocky Wirtz have become investors in the Chicago Sun-Times, the newspaper announced Thursday.
The move comes nearly two years after both Sacks and Wirtz gave up their ownership stake in the paper when it was sold by its previous owner, Wrapports LLC.
Sacks and Wirtz invested in the paper through a new entity, Sun-Times Investment Holdings LLC, which now controls the majority of seats on the Sun-Times Board of Directors.
Jorge Ramirez will continue as the company’s chairman of the board, but the newspaper said in a press release that no decision had been made by Ramirez on whether Sacks and Wirtz will join him on the board.
“We are pleased to welcome Michael Sacks and Rocky Wirtz,” Ramirez was quoted as saying in a press release. “It is nice to bring representatives of the business community into the ownership group as we strengthen Sun-Times Media and drive the business forward.”
The newspaper has been owned since summer 2017 by several organized labor groups and businesspeople brought together by businessman Edwin Eisendrath, a former alderman, and the Chicago Federation of Labor. Those entities and individuals, which succeeded in blocking an effort by the Chicago Tribune’s parent company to take over the Sun-Times, will continue to hold ownership in the company.
Sacks — the CEO of financial services firm GCM Grosvenor and a longtime Rahm Emanuel adviser — said in the newspaper’s press release that he was “pleased to again be an investor.”
“The Sun-Times is an important civic asset that has been on a roll,” Sacks said.
Wirtz said he was “honored” to be asked to invest in the company as he continues as chairman and principal owner of the Blackhawks, and as president of Wirtz Corp.
“I believe now, more than ever, we need multiple viewpoints with respect to local coverage, and the Sun-Times plays a key role in that space,” Wirtz said.
Sun-Times Editor-in-Chief Chris Fusco said the new investors would help the newspaper continue to build on its work.
“It’s been gratifying to see readers’ positive response to our efforts,” Fusco said. “Our journalism is resonating locally and drawing national attention. With support from Jorge, Michael and Rocky we will continue to focus on providing robust and independent news, cultural, business and sports coverage throughout the Chicago region.”