On Thursday, McClatchy—the publicly-traded owner of 30 local newspapers, including the Miami Herald, the Charlotte Observer, and the Kansas City Star—filed for bankruptcy. The company will continue to operate, but is seeking relief from debt and pension obligations; if that goes to plan, it’ll pass into the control of Chatham Asset Management, a hedge fund which is already McClatchy’s top creditor, and which also owns the Canadian publishing giant Postmedia and the parent company of the National Enquirer. On Friday, McClatchy’s DC bureau reported that a federal pensions agency has concerns about a 2018 transaction between McClatchy and Chatham that could put the brakes on the bankruptcy process. Still, McClatchy—which has been family-controlled since the aftermath of the California Gold Rush—looks likely to end up in the hands of the 21st-century prospectors who increasingly own the local-news business. Local-news-watchers have traced McClatchy’s present plight to its decision, in 2006, to buy Knight Ridder, then America’s second-biggest newspaper company, in a deal worth $4.5 billion. (Yes, with a “b.”) The deal burdened McClatchy with debt, and since it was struck, ad revenue and print-circulation figures have cratered. A recent hike in digital subscriptions has offered some respite; still, between the Knight Ridder acquisition and the middle of last year, McClatchy cut nearly 60 percent of its operating expenses and more than 80 percent of its full-time staff,... Continue reading at 'Columbia Journalism Review'
[ Columbia Journalism Review | 2020-02-17 13:11:10 UTC ]
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In December, Alden Global Capital, a New York City hedge fund and media investor, confirmed, in a filing with the Securities and Exchange Commission, that it was looking to acquire Tribune Publishing, which owns the Chicago Tribune, the New York Daily News, and the Hartford Courant, as well as... Continue reading at Columbia Journalism Review
[ Columbia Journalism Review | 2021-02-17 13:33:35 UTC ]
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Newspaper publisher Tribune has agreed to be sold to Alden Global Capital, a hedge fund known for cutting costs and eliminating newsroom jobs, in a deal valued at $630 billion Continue reading at ABC News
[ ABC News | 2021-02-17 00:40:46 UTC ]
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Journalist and author Caitlin Moran is to curate a Mother's Day selection box for book subscription service LoveMyRead. Continue reading at The Bookseller
[ The Bookseller | 2021-02-14 22:50:45 UTC ]
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The Austin, Tex.–based book box subscription service has pulled in more than $50 million recently. Here's what's happening. Continue reading at Publishers Weekly
[ Publishers Weekly | 2021-02-12 05:00:00 UTC ]
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“The Absolute Book,” by Elizabeth Knox, takes on a number of genres, while “Winter’s Orbit,” by Everina Maxwell, stays true to one. Continue reading at The New York Times
[ The New York Times | 2021-01-29 10:00:04 UTC ]
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Hachette UK is launching the Feminist Book Box, a subscription service intended to highlight the best in feminist writing and storytelling across its 10 divisions, including Hodder & Stoughton, Little, Brown and Orion. Continue reading at The Bookseller
[ The Bookseller | 2021-01-28 01:29:39 UTC ]
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Hedge fund Alden, Tribune’s largest shareholder, has offered to buy the rest of the newspaper publisher at a price that values it at $520.6 million Continue reading at ABC News
[ ABC News | 2020-12-31 15:47:06 UTC ]
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Book subscriptions from indies around the country are ideal for gifting — to yourself or someone else. Continue reading at The Washington Post
[ The Washington Post | 2020-12-07 13:00:00 UTC ]
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The Salt Lake City newspaper will move to weekly editions. The change will not result in any layoffs in the 65-person newsroom, according to the newspaper’s interim editor. Continue reading at The New York Times
[ The New York Times | 2020-10-27 14:16:05 UTC ]
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Great Lakes Independent Booksellers Association members raised concerns during its annual membership meeting about the strategy behind the rollout to the ABA's Boxed Out marketing campaign. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-10-21 04:00:00 UTC ]
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Totnes Bookshop in south Devon is being closed in its current form by the trust that owns its lease and will reopen as a box office for local events. Continue reading at The Bookseller
[ The Bookseller | 2020-10-19 11:36:36 UTC ]
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Tribune Publishing Company says it's closing the newsrooms of five newspapers including The Daily News in Manhattan, the Orlando Sentinel and The Capital Gazette in Annapolis, Maryland Continue reading at ABC News
[ ABC News | 2020-08-12 23:24:40 UTC ]
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Hedge fund Chatham Asset Management says it will pay $312 million to buy newspaper publisher McClatchy out of bankruptcy protection Continue reading at ABC News
[ ABC News | 2020-07-25 15:28:47 UTC ]
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Hedge fund Chatham Asset Management said it plans to buy newspaper publisher McClatchy out of bankruptcy, ending 163 years of family control Continue reading at ABC News
[ ABC News | 2020-07-12 18:42:02 UTC ]
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Hedge fund Chatham plans to buy newspaper publisher McClatchy out of bankruptcy, ending 163 years of family control Continue reading at ABC News
[ ABC News | 2020-07-12 18:20:00 UTC ]
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I ordered a Zippy Shell storage unit and prepared to say goodbye. It wasn’t easy. Continue reading at The Washington Post
[ The Washington Post | 2020-06-10 05:30:31 UTC ]
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An awesome daily roundup of the most interesting bookish links from around the web. Continue reading at Book Riot
[ Book Riot | 2020-06-05 10:30:41 UTC ]
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The creator's latest graphic title tells the story of a young sitcom actor in the 1980s. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-04-10 04:00:00 UTC ]
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Two top executives at newspaper publisher Tribune are stepping down as the company deals with its largest shareholder, a hedge Continue reading at Editor & Publisher
[ Editor & Publisher | 2020-02-19 18:55:53 UTC ]
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Struggling company insists there will be no changes in its 30 newsrooms, but experts worry powerful journalism could be lost To executives of McClatchy, Thursday’s bankruptcy of the second largest newspaper chain in the US is the fault of its pensioners, who outnumber current employees by a... Continue reading at The Guardian
[ The Guardian | 2020-02-14 09:00:26 UTC ]
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