Chicago Sun-Times investors lost $80 million
from Crain's Chicago Business
Chicago venture capitalist Michael Ferro brought other wealthy businessmen together in 2011 to buy the Chicago Sun-Times in a gambit they thought would revolutionize the newspaper industry. Now they're out at least $80 million, according to some of his co-investors. Ferro, former chairman of Sun-Times parent Wrapports, jumped last year to rival Chicago Tribune's parent, rolling some of his Wrapports co-investors into a $44 million investment in that company, which he renamed Tronc.
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