WRAPPORTS ACQUIRES 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.