Chicago Sun-Times parent buys Chicago Reader

Wrapports LLC, the Chicago company that acquired Sun-Times Media Holdings LLC last December, has purchased the Chicago Reader.

The alternative weekly is being sold by New York investment firm Atalaya Capital Management. Reader publisher Alison Draper said she will step down from her post on June 30. Wrapports CEO Tim Knight didn’t name a replacement. Reader editor Mara Shalhoup will remain at the paper. The Reader has 47 employees. Asked whether the employees will be moved from their current River North location to the nearby Chicago Sun-Times building, Mr. Knight said the company is considering its options. The Reader knows what its audience wants and has served it well, Mr. Knight said. He expects the Sun-Times papers and Reader will benefit from sharing content, particularly with the Reader providing entertainment listings, reviews and columnists content to the Sun-Times papers.