Extra, extra, read all about it! The nation’s third-largest newspaper publisher, McClatchy Co., can’t pay its bills, filing for Chapter 11 bankruptcy.
The 163-year-old publishing giant is dealing with pension obligations, high levels of debt, and a declining print media business.
- Notable names. McClatchy owns a bundle of high-profile newspapers, including the Miami Herald, Sacramento Bee, and Kansas City Star.
- Life support. McClatchy managed to secure $50 million in financing to maintain its operations while it goes through the bankruptcy process.
How does it affect my wallet?
Let’s get digital, digital. The US newspaper industry is on the rocks and many big publishers like McClatchy are struggling to transition to digital media.
- Between social media, smartphones, and mobile streaming, fewer people are relying on print newspapers for their news.
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