Hedge fund Chatham Asset Management said it plans to buy McClatchy, publisher of the Miami Herald

[Zorro]

Source: AP

Hedge fund Chatham Asset Management said it plans to buy McClatchy, publisher of the Miami Herald and operator of 30 media companies in 14 states.

The hedge fund did not put a price on the deal. The agreement still needs the approval of a bankruptcy judge.

McClatchy has been under family control for 163 years and is one of the largest newspaper companies in the United States. Among its operations are The Charlotte Observer, The News & Observer in Raleigh, The Kansas City Star, Fort Worth Star-Telegram and The Sacramento Bee.

McClatchy filed for bankruptcy protection because of a heavy debt load stemming from its $4.5 billion purchase of the Knight-Ridder newspaper chain in 2006, just as the newspaper industry went into steep decline.

Read more: https://www.tampabay.com/news/business/2020/07/12/chatham-announces-plan-to-buy-mcclatchy-publisher-of-miami-herald/

[onecaliberal]

1. And that will be the end of any objective media.

We need to bust up the consolidation.

[reACTIONary]

2. Why? Nobody reads these papers anymore...

... ... that's why they are loaded with debt ($906.5 million after the buy out) and in bankruptcy. Nobody reads them.

[rockfordfile]

4. They still do great reporting

[reACTIONary]

5. But nobody reads it, and no one is....

.... willing to pay for it. Because of that, they are going to "consolidate", that is, wither away.

Eventually, we will probably have several large national news papers (like WaPo, NYT) and several national special interest papers, (like WSJ). Probably with a diminished print circulation and increasing on line presence.

Or maybe something else. But "busting up the consolidation" isn't going to help.

[chowder66]

3. +1

[nwliberalkiwi]

6. Jobs

Employees better get there resumes polished and ready!!!

[not_the_one]

7. There are Democratic multi billionaires who aren't concerned about having to make a profit,

who could buy McClatchy and not break a sweat.

The print media IS where most of the good reporting comes from... the Washington Post, and occasionally the NYT, are the main two.

Yet no one will step up to the plate....

Instead, the right wing echo chamber will just get bigger and louder, whether it is profitable or not. REPUBLICAN multi billionaires apparently have the right stuff. And Democrats will continue to piss and moan about monopolies, and not having reliable media.