Update: Mike Miner has more on Cheryl Reed and the sale.

The Sun-Times is up for sale, unless it’s not: “The board set no timetable for a decision and could decide not to pursue a sale. . . .” Their stock has taken a terrible beating recently, down 80% since last April and 37% on the year.  Steve Rhodes had a good piece last week on the paper’s best assets–I very much second Warmbir and Novak, and to that list I would add Andrew Patner and whoever decided to run book reviews by Edward Champion.

In other breaking S-T news, the Trib is reporting that Cheryl Reed, the editorial page editor who promised to take her section back to its progressive, working-class Democratic roots, has bailed after the editorial page endorsements of Barack Obama and John McCain (“a free thinker who judges each issue on its merits, not on its political implications”) were “subjected to ‘wholesale rewrites.'”