Hedge fund wins auction for bankrupt McClatchy newspaper chain

The Hill:

Chatham Asset Management, a New Jersey-based hedge fund, was the successful bidder for a court-sanctioned auction over the bankrupt newspaper chain McClatchy. 

McClatchy, which owns major local newspapers including the Miami Herald the Charlotte Observer, said in a statement Sunday that Chatham Asset won the auction to buy the company. 

“We’re pleased that Chatham and the supportive secured first-lien creditors believe in our business and our mission and are helping to achieve these goals. Local journalism has never been more vital and we remain steadfast in our commitment to delivering on our mission and continuing to serve our communities,” Craig Forman, president and CEO of McClatchy, said in a statement. 

The company said the proposed agreement positions McClatchy to exit Chapter 11 protection in the third quarter of 2020. The agreement is subject to court confirmation and is scheduled for a hearing on July 23.  more

9 Comments on Hedge fund wins auction for bankrupt McClatchy newspaper chain

  1. Why would anyone want to buy a legacy media chain? They taught us in business school that the easiest way to go bankrupt is to gain an increasing share of a decreasing market.

    11
  2. Molon,
    That makes sense.
    Hopefully breaking up and selling off the assets includes laying off/firing all the staff – editors, reporters, ALL. Let them learn to “code”.

    9
  3. My local paper was pretty conservative, and very taxpayer friendly.
    Then McClatchy bought them.
    I would say the paper remained a fairly good watchdog for the taxpayers, but ALL national news was slanted to support Democrats. EVERY political cartoon demeaned Conservatives, made liberals look like heroes.
    I hope Chatham is at least fair.
    Fair is a major victory in our world of the Democrat Media Mafia.

    5
  4. “Local journalism”?
    What a joke.
    Like the san antonio express news, where more than half their articles are byline wapost, NYT, or AP?
    It’s all franchise news now; all comes from the same source, they all just repat ad nauseum.

    5
  5. “Address the company’s legacy debt.” FFS, how long haven’t you been paying your bills you liberal deadbeats? SMH….

    2

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