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 ]
News tagged with:
#big publisher
#canadian publishing
The Chicago Tribune is mulling a plan to charge online readers premiums for different kinds of content, a structure similar to the fee it charges for the print literary magazine it introduced this year. The city's largest newspaper is charting ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-05-29 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#largest newspaper
#pay wall
#chicago tribune
Gary Pruitt, chairman and chief executive of the newspaper publisher McClatchy Company, becomes the 13th leader of The Associated Press. Continue reading at The New York Times
[ The New York Times | 2012-03-22 00:00:00 UTC ]
More news stories like this |
Evanston, IL—Agate Publishing Inc., the Evanston, Illinois-based independent press, has entered into a partnership with the Chicago Tribune to produce ebooks created from Chicago Tribune-owned content. The ebooks will appear as pa ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-03-21 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#chicago tribune
#ebook partnership
#agate publishing
Billionaire Sam Zell is demanding a share of any money retirees and other creditors may win in lawsuits or legal settlements over the 2007 leveraged buyout he engineered of newspaper publisher Tribune Co. (TRB) The demand, made through the Zell-co ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-03-06 00:00:00 UTC ]
More news stories like this |
Springville, Utah (PRWEB) February 14, 2012 The McClatchy Company, the third-largest newspaper publisher in the United States, has signed an enterprise-wide agreement with Digital Technology International (DTI™) to implement DTI Circulati ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-02-14 00:00:00 UTC ]
More news stories like this |
Written By: Charlotte Williams Publication Date: Thu, 09/06/2011 - 15:14 Quercus has acquired an authorised biography of WBA world heavyweight boxing champion David Haye. Non-fiction publishing director Richard Milner bought world rights in Making Haye: The David Haye Story by sports writer... Continue reading at The Bookseller
[ The Bookseller | 2011-06-09 00:00:00 UTC ]
More news stories like this | News stories tagged with:
#luxton harris
#david luxton
#authorised biography