Log In Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. McClatchy is the owner of the Miami Herald and El Nuevo Herald. Chatham took a financial interest in McClatchy not long after its financial troubles began.The McClatchy chairman, Kevin S. McClatchy, the great-great-grandson of its founder, has said the company’s inability to meet its pension obligations tipped it into bankruptcy. Company filings show McClatchy had 3,500 full-time and part-time employees as of December 31, 2018, the most recent figure available. The Washington Post and Los Angeles Times, both national publications, are thriving after being bought by billionaires.
In recent months it put together the bid that has been declared the winner in a U.S. Bankruptcy Court auction supervised by Judge Michael E. Wiles, a McClatchy spokeswoman said on Sunday.Chatham, which manages about $4 billion in assets on behalf of its clients, is expected to become the majority owner in the third quarter of the year, McClatchy said, and the publicly traded newspaper company will go private.
The estimated total U.S. daily newspaper circulation including both print and digital in 2018 fell 8% from the prior year to 28.6 million for weekday. Chatham, an investor in the company since 2009, is its largest creditor.
“If the business is not profitable, they’ll do what they need to to right-size it.”He added: “If they look at the assets they are buying, part of their core purpose is to serve their community. The publisher of the Miami Herald, The Kansas City Star and dozens of other newspapers across the country is filing for bankruptcy protection. Alden controls roughly 200 outlets through its newspaper chain, MediaNews Group. McClatchy, owner of the Miami Herald and other newspapers, files under Chapter 11 of federal bankruptcy law and seeks to restructure. In another sign of the growing financial crisis in print journalism, McClatchy, the owner of 30 US newspapers, including CBS4 News Partner The Miami Herald, has filed for bankruptcy protection. Browse All Categories classified ads and free ads. MIAMI (CBSMiami/AP/CNN) — In another sign of the growing financial crisis in print journalism, McClatchy, the owner of 30 US newspapers, including CBS4 News Partner The Miami Herald, has filed for bankruptcy protection. American Media acquired her story for $150,000 and never published it, a practice known as catch-and-kill.In recent months, Postmedia closed approximately 15 community publications and laid off 120 employees in response to the Covid-19 pandemic, The Toronto Star Chatham was the favorite in the McClatchy auction, but the New York hedge fund Alden Global Capital expressed strong interest last week, when a lawyer representing the firm said at a bankruptcy hearing that Alden was prepared to “top” any other bid. The Associated Press and CNN contributed to this report. The Boston Globe, Minneapolis Star-Tribune and Las Vegas Review-Journal are among other major American newspapers that appear to have steadied themselves after being sold to local wealthy individuals.“McClatchy remains a strong operating company with an enduring commitment to independent journalism that spans five generations of my family,” said Chairman Kevin McClatchy, the great-great grandson of the company founder, James McClatchy.The company has also worked on its financials, trimming operating expenses by $186.9 million for the three-year period ended in December. McClatchy, owner of the Miami Herald and other newspapers, files for Chapter 11 bankruptcy. Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article. Another McClatchy creditor, the New York hedge fund Brigade Capital Management, was named in a public filing as a partner of Chatham in the April bid.The court and regulators must approve the deal. The two newspapers will vacate their Doral office by August to work remotely for the remainder of the year. Newspaper giant McClatchy Co., which owns the Miami Herald, filed for Chapter 11 bankruptcy protection and plans to reemerge as a privately held company. Share. “It needs to be bolstered and rebuilt, not milked for whatever profit it can still produce.”Chatham Hedge Fund Has the Winning Bid for McClatchy NewspapersThe expected deal to sell The Sacramento Bee, McClatchy’s flagship publication, and other newspapers to a New Jersey hedge fund will end 163 years of family ownership. He set up Chatham has tried to unload The Enquirer. Revenue in the first three quarters of 2019 fell by 11%, or nearly $68 million, with a decline in revenue from both advertisers and readers.The publisher’s origins date to 1857 when it first began publishing a four-page paper in Sacramento, California, following the California Gold Rush. Share.
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