One of the last of the real mass media is being taken over by a hedge fund.
The second-largest newspaper publisher in the United States, McClatchy, which owns the likes of the Miami Herald and Sacramento Bee, filed for Chapter 11 bankruptcy protection on Thursday.
The 163-year-old firm also owns the Kansas City Star, the Fort Worth Star-Telegram, the Charlotte Observer, and about two-dozen other publications around the United States.
According to a statement published on McClatchy’s website, the bankruptcy filing allows McClatchy to restructure its debts and shed its pension obligations. “Under a plan outlined in its filing to a federal bankruptcy court, about 60 percent of its debt would be eliminated as the news organization tries to reposition for a digital future,” according to the website.
The plan would be led by hedge fund Chatham Asset Management LLC if the court accepts the filing….