• Editor & Publisher, Wednesday, April 16, 2008 10:45 AM

The Chicago Sun-Times is set to be profitable again by the end of the year -- at least according to Lazard Ltd., which is shopping the tabloid and its nearly 100 Chicago-area papers and media properties to potential buyers. "The purchase of [the Chicago Sun-Times] represents a one-off opportunity to acquire a national and local newspaper icon," says the memo, acquired by a reporter for the rival Chicago Tribune.

"The rarity of such a prestigious asset offers a purchaser the chance to step into one of America's largest and most attractive markets and capitalize on a highly visible brand to further expand throughout the region." The document, not as detailed as a formal offering would be, claims the company will return to profitability in 2008, as it has cut nearly $50 million in costs via layoffs, folding and consolidating newspapers and outsourcing its circulation.

Flagship Sun-Times, the Post-Tribune in Gary, Ind., and its community newspaper publishing units Suburban Pioneer Newspapers and Midwest Suburban Publishing all have the "potential for strong free cash flow growth upon cyclical recovery."

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