Hedge fund to pay $312M for McClatchy newspaper chain
Hedge fund has agreed to pay $312 million to buy long time newspaper publisher McClatchy Out of bankruptcy. Hey Cuties. Julie Chang reports the hedge fund Chatham Asset Management announced yesterday that it plans to offer all employees of their current jobs with the same pay and benefits. Chatham also said it will honor all current collective bargaining agreements. But top executives, including the chairman, Kevin McClatchy, will step down when the deal closes, ending the McClatchy families, 163 year old control of the company. McClatchy, which owns the sacramental be along with 29 other newspapers, is one of the largest newspaper companies in the country. The company files for bankruptcy earlier this year due to a heavy debt load and decline in the newspaper industry. The deal still needs the approval of a bankruptcy court judge and a hearing is scheduled for early next month.