SEI Gets New Life
Jan 22, 2003, 12:00 AM
Real Times LLC, a Chicago-based multi- media company announced the acquisition of Sengstacke Enterprises Inc. (SEI). The newspaper chain includes many significant African-American newspaper chains including the Michigan Chronicle, Chicago Defender, New Pittsburgh Courier and Memphis Tri-State Defender. The deal also includes a merger with the Michigan FrontPage. The combined readership of the newspaper chain is 522,000. The Michigan Chronicle is the chain's most profitable newspaper. The chain fell into turmoil in 1997 upon the death of majority owner John H. Sengstacke. He left the company in a trust with instructions the company be sold. Since then, numerous investors had tried to purchase the company for the past six years. Effective immediately, Thomas Picou, former editor of the Chicago Defender, will become president and chief executive officer and board of director's chairman for Real Times. Picou had spent more than 30 years with SEI, rising to its presidency and eventually leaving in 1984. He has served as a consultant for SEI's affiliate newspapers for the past six years.