Sheldon Adelson

Group led by ex-alderman, unions acquires Chicago Sun-Times

An investment group led by a former Chicago alderman and a coalition of labor unions are the new owners of the Chicago Sun-Times, officials announced Thursday in an unusual deal that revived questions about media ownership and influence over coverage.

Officials with ST Acquisition Holdings LLC, including former City Council member Edwin Eisendrath and representatives from the Chicago Federation of Labor, detailed the agreement at a news conference, billing themselves a "unique alliance" to preserve a newspaper that's faced financial troubles over the years.

"We believe in protecting the institution of journalism itself as well amplifying the diversity of...