“McClatchy, publisher of dozens of U.S. newspapers, files for bankruptcy protection”
“The company said that it will continue to run normally as it pursues approval of its restructuring plan under Chapter 11 bankruptcy protection.”
“The newspaper industry has been devastated by changing technology that has sent the vast majority of people online in search of news. While McClatchy and others have pushed digital operations aggressively, advertising dollars have continued to flow toward internet giants like Facebook and Google.
“McClatchy Co.’s 30 newsrooms, including The Charlotte Observer, The News & Observer in Raleigh, and The Star-Telegram in Fort Worth, will continue to operate as usual as the publisher reorganizes under Chapter 11 bankruptcy protection.
“The publisher’s origins date to 1857 when it first began publishing a four-page paper in Sacramento, California, following the California Gold Rush. That paper became The Sacramento Bee.
“McClatchy has received $50 million in financing from Encina Business Credit that will enable it to maintain current operations for the company, which is still based in Sacramento,” by the AP. Read more