McClatchy, the second-largest newspaper group in the United States, is filing for bankruptcy. The publisher — which owns 30 newspapers around the country, including The Miami Herald and The Kansas City Star — is not going out of business, however.
McClatchy’s Chapter 11 plan, if approved, will cede control of the company to Chatham Asset Management, making it the latest newspaper chain to be taken over by a hedge fund or a private equity firm as local newspapers have struggled to survive due in part to dwindling ad revenue.
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