Merger to join radio station, Sun-Times

The Chicago Public Media board voted Tuesday evening to move forward with its acquisition of the Chicago Sun-Times, combining the long-struggling daily newspaper with resurgent public radio station WBEZ-FM as one nonprofit multimedia newsroom.

The transaction is expected to close by Jan. 31.

"This is an important step to grow and strengthen local journalism in Chicago," Matt Moog, chief executive officer of Chicago Public Media, parent company of WBEZ, said in a news release.

The proposed merger was first announced in September, when Chicago Public Media and the Sun-Times signed a nonbinding letter of intent. The radio station and newspaper would operate separately under the Chicago Public Media banner, while sharing content and resources across multiple platforms.

Both WBEZ and the Sun-Times will begin a nationwide search for executive editors to lead their respective newsrooms, Chicago Public Media said.

Moog, a Chicago tech entrepreneur who was elevated from interim to permanent CEO of Chicago Public Radio in September, will continue in that role. Nykia Wright will remain CEO of the Sun-Times, reporting to Moog. Chicago Public Media will establish a separate nonprofit board for the Sun-Times.

WBEZ, Chicago's NPR station, has beefed up its local news staff in recent years and bolstered its ratings. The station is tied for 3rd in Chicago with a 5.1 share in December, according to Nielsen.

The combined entities will have nearly 300 employees, with no plans for staff reductions post-merger, Betsy Berger, a Chicago Public Media spokeswoman, said Tuesday.

Chicago Public Media has sought "significant philanthropic support" for the partnership. Michael Sacks, chairman and CEO of Chicago-based asset management firm GCM Grosvenor and a Sun-Times investor, helped secure the agreement to transfer the newspaper's assets and committed "significant future financial support," according to Chicago Public Media.

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