Chicago Sun-Times sales expected to be announced today

Sun-Times Media is expected to announce today that it’s being sold to Merrick Ventures, a Chicago technology holding company. (The sale price is said to be more than $20 million.) The new owners plan to tap former Newsday publisher Timothy Knight as CEO. The Chicago Tribune reports:

Many industry observers have scratched their heads over why the new group is plunging into the newspaper business at such a perilous time for the industry and the economy. The Sun-Times emerged from bankruptcy with little debt, and the paper has dramatically reduced costs under [its current chairman] by, among other things, slashing its workforce and outsourcing its printing operations to Tribune’s Freedom Center.

* Sun-Times sale expected to be announced Wednesday
* Sun-Times Media to be sold for more than $20 million