owner of the miami herald
“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.
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. Chatham, an investor in the company since 2009, is its largest creditor. The publisher of the Miami Herald, The Kansas City Star and dozens of other newspapers across the country is filing for bankruptcy protection. McClatchy, Owner of Miami Herald and Sacramento Bee, Files for BankruptcyShow full articles without "Continue Reading" button for {0} hours. 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. It’s also paid off about $153.5 million in debt in the same period.Forman said McClatchy doesn’t anticipate any adverse impact on qualified pension benefits for substantially all of the plan’s participants and beneficiaries.
What to Read Next. 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. That offer included the debt assumed by the hedge fund and its partners. 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. 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. The filing will also, it says, " allow McClatchy to restructure its debts and, it hopes, shed much of its pension obligations. Sunday circulation fell 9% to 30.8 million, according to the Pew Research Center for Journalism and Media.Last year, New York Times executive editor Dean Baquet bleakly predicted the demise of “most local newspapers in America” within five years, except for ones bought by billionaires. Company filings show McClatchy had 3,500 full-time and part-time employees as of December 31, 2018, the most recent figure available. "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. From 2004 to 2019, But many dailies remained sources of reliable cash flow, making them attractive investments for owners focused on maximizing returns.Chatham is not a newcomer to the news industry. McClatchy Company, the owner of the Miami Herald and 28 other daily newspapers in 14 states, announced Sunday that it will be sold to the New Jersey hedge fund Chatham Asset … Share. McClatchy, owner of the Miami Herald and other newspapers, files for Chapter 11 bankruptcy. "If the court accepts the plan submitted Thursday, McClatchy would be operated by hedge fund Chatham Asset Management LLC as a previously held company. Read original story McClatchy, Owner of Miami Herald and Sacramento Bee, Files for Bankruptcy At TheWrap.
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