Another newspaper company files for bankruptcy. Sun-Times Media, which owns The Chicago Sun-Times, announced today it filed for Chapter 11 bankruptcy protection and hired an investment bank to explore possible asset sales.
The NYT reports the company said it will continue operating its 59 newspapers and various Web sites as it goes through the bankruptcy process. The Sun-Times lists assets of $479 million and debts of $801 million.
The Sun-Times joins Chicago publishing rival Tribune in seeking bankruptcy protection.