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McClatchy, owner of Miami Herald, files bankruptcy Feb 13, 2020, 8:33am EST The parent company of the Miami Herald filed for Chapter 11 bankruptcy Thursday in … 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. Newspaper giant McClatchy Co., which owns the Miami Herald, filed for Chapter 11 bankruptcy protection and plans to reemerge as a privately held company.

The filing will also, it says, " allow McClatchy to restructure its debts and, it hopes, shed much of its pension obligations. "In November 2019, McClatchy announced it was looking for a bailout of its pension fund.McClatchy was in talks with the federal government about possibly taking over its pension fund as it was unable to make a $124 million contribution due through 2020.Senator Tammy Baldwin, former Israel Prime Minister Golda Meir among influential women on Wisconsin listYou don't have to avoid restaurants, but there are some coronavirus risks you should be aware of The family-owned publisher of The Sacramento Bee and The Miami Herald announced the winner of its bankruptcy sale: Chatham Asset Management, the owner of The National Enquirer.After years of declines in revenue and print circulation, the McClatchy Company, one of the largest and most respected news publishers in the country, announced on Sunday that it expected to be bought by Chatham Asset Management, a New Jersey hedge fund, at the conclusion of a bankruptcy auction.The announcement, which signals an end to 163 years of family ownership, underlines the growing influence of the finance industry on American newspapers. 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.The company, which also owns The Kansas City Star, The Sacramento Bee, The Charlotte Observer, The News & Observer in Raleigh, North Carolina, and the Fort Worth Star-Telegram in Texas, says its newsrooms will continue to operate as usual and plans to emerge from bankruptcy in the next few months.McClatchy is the nation’s second largest publisher of local newspapers behind only Gannett, the publisher of USA Today and hundreds of local newspapers.

That paper became The Sacramento Bee.The company expects to pull its listing from the New York Stock Exchange as a publicly traded company, and go private.McClatchy filed for bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York. McClatchy, owner of the Miami Herald and other newspapers, files for Chapter 11 bankruptcy.

The two newspapers will vacate their Doral office by August to work remotely for the remainder of the year. 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.
That money was part of a deal the company had struck with Karen McDougal, a Playboy model who said she had an affair with Donald J. Trump. McClatchy, Owner of Miami Herald and Sacramento Bee, Files for Bankruptcy Lindsey Ellefson 2/13/2020. And it means that a news company known for winning top journalism prizes is likely to become the property of a firm that owns The National Enquirer and other supermarket tabloids.McClatchy, the publisher of The Miami Herald, The Kansas City Star, The Charlotte Observer and its flagship publication, The Sacramento Bee, filed for Chapter 11 bankruptcy protection in February. Read original story McClatchy, Owner of Miami Herald and Sacramento Bee, Files for Bankruptcy At TheWrap.

The publisher of the Miami Herald, The Kansas City Star and dozens of other newspapers across the country is filing 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.
Google and Facebook came to dominate the online ad market, hampering publishers’ attempts to generate the necessary revenue from digital advertising. 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. 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. A bankruptcy court hearing on the matter is scheduled for July 24.Hedge funds and private equity firms have had a growing presence in the news industry, to the chagrin of press advocates who argue that financial firms do not make civic-minded stewards of a business built largely on holding the powerful to account.“I’m always for local ownership whenever possible, and local support,” said Sree Sreenivasan, professor of digital innovation at Stony Brook University’s School of Journalism, sounding a note of caution regarding finance-industry ownership.John Longo, a professor at Rutgers Business School, said such ownership did not necessarily mean a disregard for journalism.“Hedge funds are certainly profit-oriented,” Mr. Longo said.

Five years earlier it reported just over twice as many employees. "If the court accepts the plan submitted Thursday, McClatchy would be operated by hedge fund Chatham Asset Management LLC as a previously held company. "While this is obviously a sad milestone after 163 years of family control, McClatchy remains a strong operating company and committed to essential local news and information," said chairman Kevin McClatchy in a public statement.

The publisher of the Miami Herald, The Kansas City Star and dozens of newspapers across the country is filing for bankruptcy protection.