By Julia Horowitz, CNN Money
Wrapports, the parent company of the Chicago Sun-Times, is looking for a buyer that will keep publishing the daily newspaper. The owner of the Chicago Tribune, tronc, has stepped up to the plate, both companies announced Monday.
“If completed, tronc would own and operate the Sun-Times as a separate unit, keeping in place the independent newsroom,” Wrapports said in a statement.
The terms of the pending merger haven’t been disclosed.
But it’s not a done deal yet. Since they kicked off discussions, tronc and Wrapports have been in touch with the Justice Department. The antitrust division asked Wrapports to post an advertisement announcing that its assets are for sale, giving other potential buyers 15 days to come forward.
Even then, the Justice Department could oppose the deal. It announced Monday that it’s investing the possible acquisition and will “closely monitor the sale process.”
If a viable buyer other than tronc fails to make a case, “tronc and Wrapports intend to continue pursuing a deal to successfully close the transaction,” Wrapports said.