Wrapports LLC has closed the deal to purchase the Chicago Reader from Atalaya Capital Management for $3 million.

“The Reader will benefit, presumably, from the new owners’ deep pockets, entrepreneurial savvy, and unbridled ambition,” writes Michael Miner. “For all its alternative airs, the Reader culture is deeply old school, and it helped matters that a month ago technology entrepreneur Michael Ferro, chairman of Wrapports, hired [Jim] Kirk, one of Chicago’s best-credentialed old-school journalists, to be editor in chief of Sun-Times Media.”