McClatchy Bankruptcy Filing: a Last-Ditch Effort to Save a Newspaper Company

The move gives control to a hedge fund

Pile of newspapers
McClatchy has significant investments in local markets, with 30 media companies in 14 states. Getty Images

McClatchy filed for Chapter 11 bankruptcy today in a move executives say won’t result in layoffs but will put majority ownership of yet another media company—this time a 163-year-old, family-owned publisher—in the hands of a hedge fund.

@SaraJerde sara.jerde@adweek.com Sara Jerde is publishing editor at Adweek, where she covers traditional and digital publishers’ business models. She also oversees political coverage ahead of the 2020 election.