City Paper‘s Sister Paper, Chicago Reader, For Sale
The owner of the Chicago Reader has put the alternative weekly on the sales block, hiring a Dallas firm to help shop the paper, according to sources familiar with solicitations for a sale.
The firm handling the talks, Bulkey Capital L.P., has talked with at least two Chicago-area parties, but no deal seemed imminent, the sources said. The Chicago Sun-Times is one of the potential buyers that was approached, they said. Sun-Times CEO Tim Knight declined to comment.
This is of note to us because the Reader is owned by Creative Loafing, which also owns City Paper and Atlanta's Creative Loafing. The company is owned by Atalaya Capital Management, a New York-based hedge fund. Last year, the fund sold two smaller Creative Loafing papers in Tampa and Charlotte to SouthComm Inc.