Sun-Times Media Group files for Chapter 11

Sun-Times Media Group files for Chapter 11

Sun-Times Media Group has filed for bankruptcy protection.

They are the owners of Chicago Sun-Times and many other newspapers.

Market analyst Mike Simonton spoke about them: “We’d be surprised if they are publishing a print daily newspaper by the end of 2010. They’ve been on the clock for over a year now in terms of burning cash and not having really a viable revenue and cost structure to survive in this environment.”

Company Chairman and Chief Executive Jeremy Halbreich had this to say on this new development: “Please be assured that this action does NOT mean the Company or our newspapers or online sites are going out of business.”

A lot of newspaper companies these days are struggling due to falling advertising revenues. A couple of major newspapers have already announced moving to online editions.

Checkout: Sun-Times Media Group