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.
The move, if approved, transfers majority ownership to Chatham Asset Management, already a lender and shareholder in the company. On a website the company created to address the Chapter 11 filing, leadership said it will “allow us to continue to operate as usual” and that employees’ jobs would not be affected.
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