He had a nervous breakdown and was briefly institutionalized following his father's death in 1956, then took up the reins as the owner of the Chicago Sun-Times and Field Enterprises.
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His second marriage, to Katherine Woodruff (later Fanning), lasted from 1950 to 1963 and produced three children: Frederick "Ted" Field (b. 1953), Katherine Field Stephen and Barbara Field.
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Fanning had three children with her first husband, Marshall Field IV, a son, film producer and entrepreneur Ted Field, and two daughters.