The State's owners face bankruptcy decision

Who will end up owning and managing the capitol city newspaper?

Posted 7/6/20

The State newspaper's management may be decided this week.

A bankruptcy auction for The State's owners, California-based McClatchy newsaper company, faces a July 8 court-imposed deadline to pick …

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The State's owners face bankruptcy decision

Who will end up owning and managing the capitol city newspaper?

Posted

The State newspaper's management may be decided this week.
A bankruptcy auction for The State's owners, California-based McClatchy newsaper company, faces a July 8 court-imposed deadline to pick a new owner and manager.
2 investors are expected to bid to buy the chain that owns The State and newspapers in Charlotte, Hilton Head, Myrtle Beach, Raleigh and Rock Hill.
Chatham Asset Management, McClatchy’s leading investor and leading debtholder, is considered the likeliest to become the company’s new operator by the end of July.
Also bidding is Alden Global Capital, a hedge fund that operates MNG Enterprises and is in  pursuit of Tribune Publishing.
The Knight Foundation, a “leader in the field of nonprofit journalism,” was considering making an offer but chose to drop out of the bidding.
Miami-based Knight is the country’s leading funder of journalistic experimentation and innovation.

But it’s in the business of grants and investments, not operating businesses, reported media analyst Ken Doctor of the Neiman Lab.
Fortress Investment Group manages the newly merged companies of Gannett and GateHouse.
Alden owns MNG Enterprises.
With the likely takeover of McClatchy by Chatham, about 40% of daily newspaper readership as measured by print circulation will have its fate in the spreadsheets of financial engineers. 
 

The State, mcclatchy

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