Chatham announces plan to buy newspaper publisher McClatchy

The companies did not put a price on the deal in an announcement Sunday. The agreement still needs the approval of a bankruptcy judge; a hearing is scheduled for July 24.

McClatchy is one of the largest newspaper companies in the U.S. It owns 30 papers including the Miami Herald, the Charlotte Observer and the Sacramento Bee. It filed for bankruptcy protection because of a heavy debt load stemming from its $4.5-billion purchase of the Knight-Ridder newspaper chain in 2006, just as the newspaper industry went into steep decline.

Chatham was McClatchy’s largest shareholder and debt holder. It beat out a bid from Alden Global Capital, another hedge fund that has taken a leading role in the U.S. newspaper business.Chatham’s other media holdings include the Canadian newspaper chain Postmedia and National Enquirer publisher American Media Inc. But industry expert Ken Doctor has noted that it doesn’t make financial sense to combine those with McClatchy in order to cut costs, as newspaper dealmakers like to do.

Although national newspapers such as the Wall Street Journal and the New York Times are adding digital subscribers that help them navigate advertising declines, many local outlets have had a difficult time. That has contributed to a string of bankruptcies and consolidation, much of it involving investment firms, deepening concerns about declining quality as newsrooms shrink and papers close.

Invest in Communities. Not failing fake news orgs

Epstein ran a hedge fund.

sad for TNT

It should be a co-opt and owned by the people. Now you'll get more '1984' type reporting.

I’m seriously hating 2020

ugh

It was nice having a free press. RIP.

Save the people!!! WeAreTheEconomy

Yeah, that's what you want, a hedge fund to buy a once-great newspaper chain and suck the last penny out of it by selling off assets.

RIP Miami Herald and Charlotte Observer.

So who owns this shitty paper ?

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