The parent company of the Daily Herald on Thursday announced the sale of the newspaper to the Chicago Tribune.
According to a memo addressed to employees from the Paddock Publications board of directors, many factors were considered in approving the sale, including the ongoing secular decline in the newspaper business, the need for future cost-cutting and the overall future trends in the industry. The deal is expected to close June 22. Terms were not disclosed.
The Daily Herald has a 154-year history covering the suburbs of Chicago. The paper started in 1872 and was independently owned and run by four generations of the Paddock family. In 2018, Paddock family members sold their interest in the company to its employees and reorganized into an employee stock ownership plan.
In the end, the memo stated, the board determined that a sale to the Tribune was in the best interest of the participants in that employee stock ownership plan. The board vote approving the sale was unanimous.
Read more of this story at DailyHerald.com.