Chicago billionaire Joe Mansueto has sold Time Out Chicago to the company that already owns the New York and London editions, Time Out Group, which plans to bring to an end the print version in the Second City and go all-digital.
The last weekly print edition of Time Out Chicago will appear April 18.
As part of the move, a number of staffers were laid off, including the president and editor-in-chief, Frank Sennett, and Publisher Randy Hano.
One insider said more than half the staff was cut.
Jennifer Morgan, president of Time Out North America, said the company plans to keep an editorial staff in Chicago but use the staff of Time Out North America, controlled by investment company Oakley Capital, to manage the business side.
Mansueto, who is building a $22 million mansion in downtown Chicago, amassed his fortune through the Morningstar financial data company. He also owns Fast Company and Inc. through his Mansueto Ventures.