Chatham Asset Management Wins Bid for McClatchy Co.
Posted on 07/12/2020
New Jersey-based Chatham Asset Management LLC, a hedge fund, is the winner in a bankruptcy auction for McClatchy Co. McClatchy publishes a large number of daily newspapers including the Kansas City Star, Sacramento Bee, and the Miami Herald. Newspapers are falling into the hands of hedge funds and lenders. Alden Global Capital LLC owns MediaNews Group (dba Digital First Media). Fortress Investment Group LLC manages Gannett Co.
This officially ends 163 years of family ownership of McClatchy Co. McClatchy filed for chapter 11 protection in February 2020 before the pandemic lockdown.
Alden Global Capital challenged Chatham for control of McClatchy. A bankruptcy judge denied Alden Global’s request, which was also opposed by McClatchy.