Newspaper Publisher McClatchy Files For Chapter 11 Protections

McClatchy, the second largest local news company, filed for Chapter 11, ending 163 years of family control. The company will be managed by a New Jersey hedge fund. Despite financial struggles, including a large pension plan and declining revenues, McClatchy remains committed to local news. The consolidation of local news raises concerns about reduced diversity and accountability. Experts call for rethinking local journalism as a public good deserving of philanthropic and public support.

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