Newspaper publisher files for bankruptcy | Inside Media - February, 13th 2020

Inside Media (Feb 13th, 2020)

Newspaper publisher files for bankruptcy

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1. McClatchy Co., the publisher of 30 newspapers including the Kansas City Star, Miami Herald, Charlotte Observer, Fort Worth Star-Telegram, and the Sacramento Bee, announced this morning that it is filing for Chapter 11 bankruptcy. McClatchy is the second-largest newspaper outlet in the U.S. In a statement, the company said the filing would allow it "to shed costs of its print legacy and speed shift to digital." The company's revenue dropped 14% to $183.9 million in the fourth quarter of last year. Its statement said that newsrooms would not be immediately affected. Many people in the industry reacted to the news on Twitter. For example, Justin Hendrix, of NYC Media Lab + RLab, cited a thread that details "a range of interventions to recapitalize journalism," calling it an "urgent national security issue." NPR reporter Hannah Allam referred to the bankruptcy filing as a "gut punch." -- MARKETWATCH

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