FOR IMMEDIATE RELEASE
May 23, 2012
Alisa M. Alexander
THE CHICAGO READER
(CHICAGO) May 23, 2012 – Wrapports, LLC, a company led by Chicago technology entrepreneur Michael W. Ferro, Jr. and media executive Timothy P. Knight, announced today that it has acquired the Chicago Reader, Chicago's iconic alternative weekly. The transaction closed on May 22, 2012. Wrapports, LLC acquired Sun-Times Media in December 2011 and recently invested in High School Cube, which provides high schools with a social streaming platform to capture live events.
With a cumulative readership of 612,000 in print and online, the Chicago Reader is one of the largest and most successful alternative weeklies in the United States. The Chicago Reader has been known for its unique voice and in-depth coverage of Chicago politics and culture since its establishment in 1971.
"The Chicago Reader has one of the most distinctive voices in the Chicago news community, and it has cultivated a dynamic and loyal audience," said Timothy P. Knight, CEO of Wrapports. "The Reader has demonstrated positive momentum in the last few years, expanding its readership to include new generations of Chicagoans, and the company has strong growth potential."
While terms of the transaction were not disclosed, Wrapports' acquisition included the Chicago Reader, chicagoreader.com and straightdope.com.
Wrapports acquired the Chicago Reader from Creative Loafing, Inc., which will continue to publish alternative weeklies and websites in Atlanta and Washington, DC. Creative Loafing is wholly-owned by Atalaya Capital Management, L.P., an alternative investment firm based in New York. Bulkley Capital, L.P., a financial consulting firm serving private, closely held and family-owned middle market businesses, represented Atalaya and Creative Loafing.
"We are pleased to have been able to place this highly-regarded Chicago institution into such capable hands," said Brad Bulkley, President of Bulkley Capital. "The Reader has, for many years, been one of the most recognized and respected brands within the alternative weekly space. As a Chicago native, it was important to me that we found an owner able to preserve and grow that franchise. Fortunately, Atalaya gave us the flexibility to identify the ideal successor."
ABOUT WRAPPORTS, LLC: Wrapports, LLC is a technology company whose media properties connect with millions of engaged readers and viewers weekly through tablet app, print, social media and mobile platforms. Through strategic investment in emerging technologies and new content portals, Wrapports is modernizing the business of media. Wrapports is the owner of Sun-Times Media, publisher of the Chicago Sun-Times and more than 40 other media properties and the Chicago Reader, Chicago's largest free weekly newspaper, nationally recognized as a leader in the alternative press. Wrapports, LLC is also an investor in High School Cube, which provides high schools with a social streaming platform to capture live events.
ABOUT THE CHICAGO READER: The Chicago Reader is Chicago's largest free weekly newspaper, nationally recognized as a leader in the alternative press. Since 1971, the Reader has served as Chicago's political conscience, cultural guide, and music authority. Known for its in-depth coverage of Chicago politics and culture, the Reader explores and exposes news, events and issues that affect city living. The paper has won numerous journalistic awards and honors, both local and national, and is well-known as a showcase for Chicago's most talented writers, critics, photographers, and illustrators. With a cumulative readership of 612,000 in print and online, the Chicago Reader is one of the largest and most successful alternative weeklies in the country.
ABOUT CL INC. Creative Loafing Inc. owns two of America's leading urban weeklies —Creative Loafing Atlanta, and the Washington City Paper. Its holdings also include websites associated with those newspaper properties, and the Digital Advertising Network.
ABOUT SUN-TIMES MEDIA: Sun-Times Media is dedicated to being the premier source of local news and information for the greater Chicago area. Its media properties serve more than 300 communities across the region and include the Chicago Sun-Times newspaper and Suntimes.com; seven suburban daily newspapers, including the Beacon-News (Aurora), Courier-News (Elgin), Herald-News (Joliet), Lake County News-Sun, Naperville Sun, Post-Tribune (Merrillville, Ind.) and SouthtownStar; 32 weekly newspapers published by Pioneer Press, as well as web sites for those newspapers, centerstagechicago.com, RogerEbert.com and YourSeason.com.E-mail: firstname.lastname@example.org