Chatham completes McClatchy buy

 

New Jersey-based hedge fund Chatham Asset Management has completed its buy of McClatchy, Chatham announced. The purchase transitions the McClatchy operation out of bankruptcy. https://www.prnewswire.com/news-releases/mcclatchy-acquired-by-chatham-asset-management-llc-301124648.html

As of Sept. 4, the entirety of McClatchy's 30 news organizations and all of its employees transitioned to a new private entity under Chatham ownership.

"Today marks the beginning of a new era and opportunity for McClatchy," said Tony Hunter, CEO of McClatchy. "The company is now poised for sustainable long-term growth driven by differentiated local content and an acute focus on our digital presence and offerings."

McClatchy has appointed a new board of directors, of which Hunter has been named chairman. Additional board members include John Bode, COO of Readerlink Distribution Services, a book distributor. Earlier in his career, Bode was CFO of Tribune Publishing Company. Also on the board is Jamal Mashburn, a business owner and former NBA player. Mashburn owns over 150 local businesses and franchises in the U.S.

McClatchy-owned Sacramento Bee has some background here. 

Former McClatchy board chairman Kevin McClatchy wrote a goodbye column with background on his family here. 

The Miami Herald, Kansas City Star, The Charlotte Observer, (Raleigh) News and Observer and the Fort Worth Star-Telegram are among McClatchy papers.

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