Chicago Sun-Times sold to investor group

A group of investors led by a former Chicago alderman has purchased the Sun-Times newspaper, outbidding the owners of the Chicago Tribune for its main rival and ending a federal antitrust investigation into the sale.

Former Chicago Alderman Edwin Eisendrath and the group of investors beat out Tronc Inc., the owner of the Chicago Tribune, the Los Angeles Times and Baltimore Sun, for the tabloid, the Chicago newspapers reported on Wednesday.

'It's a great town as you know and it will continue to have two great newspapers,” Eisendrath said on Twitter.

The U.S. Department of Justice's Antitrust Division opened an investigation in May into the possible sale of the Sun-Times to Tronc and monitored the bidding closely.

The department said in a statement on Wednesday it closed its investigation with the paper's sale to ST Acquisition Holdings LLC, the investor group.

Terms of the deal between ST Acquisition Holdings and Sun-Times parent Wrapports LLC were not made public.

However, the Poynter reported Wednesday the group paid 'what amounts to $1 and assumption of costs in any future shutdown.”