[ad_1]
Edwin Eisendrath, who led a group of investors in the purchase of the Chicago Sun-Times last year, abruptly resigned from his position as CEO of the company, leaving the highest position, at least for the moment, to the director of operations of the company, Nykia Wright interim CEO.
"Now that the way forward is clear, it's time I move on," Eisendrath said in a statement, noting that he expected the company to get a "cash flow" positive "from here the beginning of next year. "I submitted my resignation at our recent council meeting." The Sun-Times announced that the meeting had taken place on Monday.The private company has declined over the last year to detail its earnings figures and of income.
The group led by Eisendrath last year bought the company at a price of 1 USD, against a competing offer from the parent company of the Chicago Tribune, with the help of the opposition of the Ministry of Justice at the proposal of the big newspaper . Eisendrath's financial sponsors in charge of the management of the newspaper included a major contribution from the Chicago Federation of Labor, which was supposed to cover the daily lives of citizens, and the criminal defense attorney of Chicago, Len Goodman, who would have provided at least $ 4 million out of $ 11 million needed to keep the paper afloat.
The city's No. 2 newspaper was already facing a daunting task: thwarting industry trends that have been driving readers, advertisers and traditional newspaper revenues for years.
The company sold the Chicago Reader early this year to a group of investors including investors who invested in the Sun-Times, including Goodman, probably in order to strengthen its finances. Its main rival, Tribune Publishing, which produces the Chicago Tribune, is under contract for the printing and distribution of the smallest Sun-Times for almost 10 years. This contract is subject to renegotiation which could increase cost pressures.
"In a difficult time for journalism and our democracy, my life changed when there was an effort to destroy the Sun-Times' independent voice by merging it into the Tribune," Eisendrath said in a statement. "I then decided to do everything in my power to save the paper, I embarked on the battle and have been working tirelessly ever since to save the company."
Source link
