American Publishing Buys Another Chicago Paper, the Daily Southtown
Dec. 23, 1994
CHICAGO (AP) _ American Publishing Co., the U.S. arm of Canadian newspaper publisher Hollinger Inc., has purchased the Daily Southtown of Chicago from Pulitzer Publishing Co. for $31.9 million in cash, the companies said Friday.
The acquisition strengthen's American Publishing's presence in the Chicago market. In March it bought the Chicago Sun-Times, the city's second-largest daily.
The Southtown, with a circulation of 59,000 weekdays and 65,000 Sundays, is the third-largest English-language daily published in Chicago. The purchase also includes the News Marketer shopper and a commercial printing business on the city's Southwest Side. The operations together employ 550 people.
Pulitzer, based in St. Louis, said its Chicago operations were a better strategic fit for American Publishing.
''This is one of those deals that is clearly beneficial for both parties,'' Nicholas G. Penniman IV, Pulitzer senior vice president for newspaper operations, said in a statement.
American Publishing President Larry J. Perrotto said the acquisition complements the operations of Star Publications, a suburban Chicago newspaper group that was part of its Sun-Times purchase.