There continues to be a steady stream of bad news in the news media, particularly where the newspaper business and jobs are concerned. Last week, the McClatchy Company, owned by the same family for 163 years, was requesting to enter bankruptcy with the aim of unloading its huge amount of debt.
McClatchy owns some high profile properties, 29 dailies in 14 states, including, the Sacramento, Fresno and Modesto Bees, the Miami Herald, the Kansas City Ledger and the Fort Worth Star Telegram. The Miami Herald’s Julie K. Brown broke the story about the late Jeffrey Epstein’s predating of young girls and the plea deal he struck with the former U.S. Attorney in Miami, former Trump Labor Secretary Alex Acosta.
There’s an on-going trend of hedge funds and individuals taking ownership of newspapers. The question in this case is does Chatham Asset Management, the proposed buyer for McClatchy, want to run this newspaper business or is their plan to consolidate this purchase with the purchase of another newspaper company?