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Mon Jul 13, 2020, 10:17 AM

Hedge fund that owns National Enquirer to buy newspaper publisher McClatchy

Source: Marketwatch

NEW YORK — Hedge fund Chatham Asset Management plans to buy newspaper publisher McClatchy out of bankruptcy, ending 163 years of family control.

The companies did not put a price on the deal in an announcement Sunday. The agreement still needs the approval of a bankruptcy judge; a hearing is scheduled for July 24.

McClatchy is one of the largest newspaper companies in the U.S. It owns 30 papers including the Miami Herald, the Charlotte Observer and the Sacramento Bee. It 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.

Chatham was McClatchy’s largest shareholder and debt holder. It beat out a bid from Alden Global Capital, another hedge fund that has taken a leading role in the U.S. newspaper business.

Chatham’s other media holdings include the Canadian newspaper chain Postmedia and National Enquirer publisher American Media Inc. But industry expert Ken Doctor has noted that it doesn’t make financial sense to combine those with McClatchy in order to cut costs, as newspaper dealmakers like to do. And the emergence of Alden Global Capital as a bidder has given rise to speculation that Chatham will try to combine McClatchy with Alden’s holdings or with another big newspaper company, like Gannett.

Read more: https://www.marketwatch.com/story/hedge-fund-that-owns-national-enquirer-to-buy-newspaper-publisher-mcclatchy-2020-07-12?mod=home-page



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Response to UpInArms (Original post)

Mon Jul 13, 2020, 10:22 AM

1. 'Hedge funds take a leading role in the newspaper business'. CRAP!. Hedge funds kill newspapers

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Response to UpInArms (Original post)

Mon Jul 13, 2020, 10:23 AM

2. Enjoy your new buggy whip...n/m

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Response to UpInArms (Original post)

Mon Jul 13, 2020, 10:27 AM

3. Fed Hedge Funds Government Media Wall Street Investment Banks

it's all one giant loose corporation now. Leviathan.

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Response to UpInArms (Original post)

Mon Jul 13, 2020, 10:30 AM

4. This is how they will kill stories like the Epstein investigation.

Protecting the powerful elites while targeting their enemies.

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Response to UpInArms (Original post)

Mon Jul 13, 2020, 11:39 AM

5. Hedge funds are destroying our country

Hedge funds killed the toy stores.
Hedge funds killed the retail chain stores
Now hedge funds will be the final nail in the coffin of the newspaper industry.

Just in time of the election to get mf45 re elected. Shite.

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Response to UpInArms (Original post)

Mon Jul 13, 2020, 11:41 AM

6. This is so sad. McClatchy was one of the all time great publishers.

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Response to UpInArms (Original post)

Mon Jul 13, 2020, 12:20 PM

7. this really, really sucks...

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Response to UpInArms (Original post)

Tue Jul 14, 2020, 01:36 AM

8. What the right-wing owners have done to newspapers is evil. Papers now barely resemble newspapers.

Literate humans wait daily for the breakthrough to allow greedy, conservative publishers to be left bankrupt, and out of business for good.

There is STILL a need in our lives for access to real information, and enough information.

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