Thursday, November 20, 2008

Sun-Times shareholder broadens attack

One of Sun-Times Media Group Inc.’s largest shareholders is asking fellow investors to support a bid to replace all but one of the media company’s board of directors.

The move comes just days after the parent of the Chicago Sun-Times and dozens of other local community papers announced its own plan to “evaluate” its board and delist the company’s shares by January. Earlier this month, Sun-Times CEO Cyrus Freidheim reported a third-quarter loss of $169 million and acknowledged that a plan to stabilize cash flow by cutting $50 million in expenses had failed.

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