Sun-Times Media Group

Sun-Times Media Group is a newspaper publisher which owns Chicago Sun-Times and several other newspapers in Chicago, including many community newspapers. On March 31, 2009, the company filed for Chapter 11 bankruptcy.Chicago Sun-Times: Sun-Times Media Group files for bankruptcy (March 31, 2009)

Chicago Sun-Times was founded in 1844 as the Chicago Evening Journal. It is one of the 10 most read daily newspapers in United States, according to its Web site. It has won eight Pulitzer Prizes. Its journalists include political commentator Robert Novak and film critic Roger Ebert.

Sun-Times Media Group suffered from a loss of revenue in 2008 and laid off newspaper staff and closed several newspapers. In January 2009, the company announced it would close 12 more newspapers. On March 31, 2009, the company filed for Chapter 11 bankruptcy. The company has no bank debt, but owes IRS $608 million in back taxes and penalties from past business practices under its former owner Conrad Black. Conrad Black was found guilty and sentenced to prison for theft from corporate coffers.Chicago Sun-Times: Sun-Times Media Group files for bankruptcy (March 31, 2009)

Conrad Black is the former CEO of Hollinger International, which owned the Sun-Times Media Group and many other newspapers. He and three other former executives of Hollinger International were convicted of stealing $6.1 million from the company in 2008. Hollinger International filed for bankruptcy after the convictions.Bloomberg: Conrad Black's Guilty Verdict Should Stand, U.S. Says (May 2, 2008)