US Second Largest Newspaper Group File for Bankruptcy
McClatchy, the second largest US newspaper group, announced that it was filing for bankruptcy protection in the latest sign of turmoil for the struggling media sector.
The company said it would keep operating its 30 regional newspapers including the Miami Herald and Kansas City Star as it seeks to shed much of its debt and focus on "digital transformation."
A reorganization plan included in the bankruptcy filing could hand over ownership of the newspaper chain to the private equity group Chatham AssetManagement and end the McClatchy stock listing. The bankruptcy filing seeks to shed some of the crushing debt acquired by McClatchy, which has a pension shortfall of more than half a billion dollars.
"McClatchy remains a strong operating company with an enduring commitment to indepen...