Chicago Defender Sold

  • January 23, 2003
The nation's only black-owned daily newspaper, the Chicago Defender, has been sold Real Times Inc. by the family-owned Sengstacke Enterprises. The Defender has made nearly as much news as it has covered in recent years, amid legal battles among the family members. Real Times will pay $3 million in cash, an additional $3 million plus 12 % interest over five years, and a final payment of at least $2.5 million. The deal also gives it weekly newspapers in Detroit, Pittsburgh, and Memphis. The first move planned by the Real Times’ is to improve the Defender’s presses, funneling $1.5 million of capital into the 97 year old paper.
Next story loading loading..