Results tagged “jamestyree”

The sale of the Sun-Times Media Group, parent to the Chicago Sun-Times and dozens of smaller papers, to a group headed by James Tyree is now complete. The $26.5 million deal is made up by $5 million paid by the group plus the assumption of the STMG's $21.5 million in liabilities. The new partnership will be called Sun-Times Media Holdings LLC. The Sun-Times reports the other members of the group are businessman Kevin Flynn; real estate executives Andrew Agostini, Ed Heil and Ed Ross; insurance executive William Parrillo; his brother, attorney Robert Parrillo; Chicago Blackhawks owner and property and liquor magnate W. Rockwell "Rocky" Wirtz; and Mesirow executives Michael Mackey, Richard Price and Bruce Young. Said Tyree of the sale:

It seems that the Sun-Times sale to James Tyree isn't quite a done deal yet. While the group's largest union, the Chicago Newspaper Guild, agreed to terms along with the expectation that two others would follow suit, there's one union that hasn't even scheduled a vote on the matter. The six member Chicago Typographical Union No. 16 is in no rush to approve anything. Said union president Steve Berman, "I can't sign a document that gives the company the ability to discharge my people without any assurances...we're not running to vote on this one." The Tribune has more on the matter.

Last month, the members of the Chicago Newspaper Guild voted down a proposal by James Tyree, a deal with the devil which would have gutted the union in exchange for his buying the bankrupt media group. Late yesterday afternoon it was announced that the guild had reached an agreement with Tyree, in spite of his claims that he would withdraw his bid and that the "concessions are an absolute prerequisite from all 18 collective bargaining units for a proposed sale." While the agreement, which the membership voted on yesterday afternoon and evening, means significant pay cuts, Jim Newton, chair of the Waukegan Unit of the Guild said that the agreement "demonstrate[s] our commitment to [the paper] and our craft.... We look forward to helping this new venture not only maintain but improve our presence in the local and regional media market."

Crain's is reporting that Sun-Times Media Group and the Newspapers Guild have come to an agreement that can facilitate the sale of the Bright One and its holdings to Mesirow Financial CEO James Tyree. [Crain's]

Unionized workers from the Sun-Times approved a motion that rejects concessions set by management to pave the way for the sale of the Sun-Times Media Group to businessman James Tyree by a vote of 83-22. According to the Trib, "Management has said the concessions are an absolute prerequisite from all 18 collective bargaining units for a proposed sale of parent Sun-Times Media Group." In spite of a memo sent earlier Tuesday by Chairman Jeremy Halbreich, reminding employees that a rejection of the concessions would mean a withdrawal of the bid, it seems Tyree isn't giving up on his bid. He told the Sun-Times:

• The latest parking meter issue has Mayor Daley annoyed, calling the issue "unacceptable."
• The Sun-Times' union workers will shortly assemble to vote on concessions requested in Jim Tyree's bid for the paper's parent company. A smaller paper in the STMG family - the Post-Tribune - voted against the concessions last night.
• The IHSA has reinstated all levels of football at North Chicago High School after the program was suspended following a brawl with Simeon High earlier this month.

A group of Chicago investors have submitted a $25 million bid to buy the Sun Times Media Group, the company that owns the Sun-Times and a host (58, actually) of smaller sister papers. The group is led by Mesirow Financial’s James C. Tyree and called STMG Holdings LLC. Said Tyree, “I’m a lifelong Chicagoan, and I believe the Sun-Times and all its properties can make a positive impact on the region well into the future.” Who else is involved in this group? That's not known, though speculation puts the group somewhere in the neighborhood of six to 10 people and is rumored to include Blackhawks owner Rocky Wirtz.

• Six more confirmed cases of Swine Flu have the grand total in the state of Illinois up to *drumroll* .... Nine.
• Meanwhile, Governor Quinn echoed the sentiment of common sense in saying that riding public transit did not pose any additional health risks.
• Chicago Public Schools and the teachers' union are squaring off over potential changes to the retirement plan.