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When Washington City Paper and its sister alt-weekly, the Chicago Reader, were sold last month to Creative Loafing, the spin went like this: The papers’ owners were getting up there in years and didn’t have the energy to counter the prolonged media slump that’d chipped away at the pubs’ profit margin.
True, but not complete. In a great little story about the sale, Chicago Reader media guy Michael Miner paints a fuller picture, one that discusses a spat among the WCP-Reader owners. As it turns out, a disaffected member of the ownership team last year sued some of his partners—-and may well have sped up the sale of the properties. It’s an excellent read.
For the especially curious, we’ve obtained a copy of Rehwaldt’s complaint (PDF), filed in Cook County Circuit Court in December.