The Sun-Times Media Group Inc. announced Friday it has retained investment banking firm Lazard to help evaluate strategic financial alternatives, including selling its flagship newspaper the Chicago Sun-Times.

Earlier this month, Sun-Times Media announced it had formed a strategic alternatives committee to investigate future actions, including selling some or all of its properties, and partnerships with third parties, The Chicago Tribune reported Friday.

Shares on Friday traded at US$1.41, valuing Sun-Times Media at about $114 million, The Tribune reported.