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Fri Feb 14, 2020, 02:52 PM

McClatchy, publisher of dozens of U.S. newspapers, files for bankruptcy protection

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

The publisher's 30 local newsrooms will continue to operate as usual as McClatchy Co. reorganizes under Chapter 11 bankruptcy protection.

The company's origins date to 1857 when it first began publishing a four-page paper in Sacramento, California, following the California Gold Rush. That paper became The Sacramento Bee.

McClatchy has received $50 million debtor-in-possession financing from Encina Business Credit. That, combined with normal operating cash flows, will provide enough cash for the company, still based in Sacramento, to continue to function.

“When local media suffers in the face of industry challenges, communities suffer: polarization grows, civic connections fray and borrowing costs rise for local governments," said CEO Craig Forman. "We are moving with speed and focus to benefit all our stakeholders and our communities.”

https://www.nbcnews.com/news/all/mcclatchy-publisher-dozens-u-s-newspapers-files-bankruptcy-protection-n1136256

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Reply McClatchy, publisher of dozens of U.S. newspapers, files for bankruptcy protection (Original post)
mfcorey1 Friday OP
msongs Friday #1
Mersky Friday #2
Cirque du So-What Friday #3
mfcorey1 Friday #4
Kid Berwyn Friday #5
MineralMan Friday #6

Response to mfcorey1 (Original post)

Fri Feb 14, 2020, 03:00 PM

1. bloomie can buy the chain with lots of cash left over nt

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Response to mfcorey1 (Original post)

Fri Feb 14, 2020, 03:05 PM

2. K&R!!!

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Response to mfcorey1 (Original post)

Fri Feb 14, 2020, 03:10 PM

3. Damn!

I have considered McClatchy among the more reliable published sheets.

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Response to Cirque du So-What (Reply #3)

Fri Feb 14, 2020, 03:12 PM

4. My first job after college was with the Miami Herald. Then it was a Knight-Ridder paper.

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Response to mfcorey1 (Original post)

Fri Feb 14, 2020, 03:52 PM

5. Heartbreaking news.

Truth is the cornerstone of Democracy.

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Response to mfcorey1 (Original post)

Fri Feb 14, 2020, 04:01 PM

6. Want to save the newspapers?

Subscribe to home delivery of one.

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