It was relaunched in 1929 as the Daily Illustrated Times. "If another viable buyer comes forward within 15 calendar days, then the interested buyer will be provided a reasonable opportunity to conduct additional due diligence and negotiate the purchase of the Chicago Sun-Times", the statement said.
In a statement, the Justice Department said it was monitoring the deal. "But success in digital media requires a national platform that can make significant investments across products and services".
Last year, an attempt by Tribune Publishing, which was later renamed Tronc, to acquire the Orange County Register fell through after a judge issued a temporary restraining order during an antitrust case filed by the Justice Department.
Tronc and the Sun-Times already work together in a number of areas: Tronc already prints and distributes its rival, and in 2014, acquired Wrapport's network of Sun-Times' community newspapers.
Ferro previously relinquished his role as chairman of Wrapports and donated his shares in the Sun-Times to a charitable trust as part of the move to take over Tribune Publishing.
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Chicago-based Wrapports LLC announced in a statement it has agreed to enter into discussions with tronc Inc., owner of several major newspapers, after failing to interest other media companies in acquiring the Sun-Times.
The U.S. Justice Department says it will investigate plans by Chicago Tribune-owner tronc Inc.to acquire rival Chicago Sun-Times.
"Do I believe someday that in order to help the Sun-Times survive, if there was a way to combine them, but (that) allowed the Sun-Times to have complete editorial independence, like our other papers do?" If it closes, Chicago Sun-Times will continue to be an independent newsroom. If the deal goes through, the Sun-Times newsroom will continue as an independent newsroom, said Tronc, which also owns the Los Angeles Times, the Orlando Sentinel, the Baltimore Sun and other newspapers.
Earlier this year, Wrapports management approached tronc leadership about pursuing the transaction. The paper on newsstands today was the result of a 1948 merger of that publication with the Chicago Sun, which was founded December 4, 1941, by Marshall Field III.
The specific terms of the potential transaction are not yet finalized.