Sun-Times Media Group Announces Receipt of Notice of Proposed Adjustments from Internal Revenue Service

Business Wire, Jan 23, 2008

CHICAGO -- Sun-Times Media Group, Inc. (NYSE: SVN) today announced that it has received an examination report from the Internal Revenue Service (IRS) setting forth proposed changes to the Company's U.S. tax returns for 1996 through 2003. The Company intends to request a conference with the Appeals Office of the IRS to seek reconsideration of disputed proposed adjustments contained in the report. The Company is evaluating the impact that the proposed adjustments may have on its financial statements, including whether the Company's accruals for U.S. tax contingencies should be adjusted and, if so, the period or periods when such accrual adjustments may be recorded.

About Sun-Times Media Group

Sun-Times Media Group is dedicated to being the premier source of local news and information for the greater Chicago area. Its media properties include the Chicago Sun-Times and Suntimes.com as well as newspapers and Web sites serving more than 200 communities across Chicago. Further information can be found at www.thesuntimesgroup.com.

Cautionary Statement on Forward-Looking Statements

Certain statements made in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe," "anticipate," "expect," "estimate," "project," "will be," "will continue," "will likely result" or similar words or phrases. Forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from the forward-looking statements. The risks and uncertainties are detailed from time to time in reports filed by Sun-Times Media Group with the Securities and Exchange Commission, including in its Forms 10-K and 10-Q. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward- looking statements as a prediction of actual results.