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Legacy Media in Freefall: McClatchy to declare Bankruptcy

By MisdemeanorRebel follow MisdemeanorRebel   2020 Feb 13, 8:10am 490 views   10 comments   watch   nsfw   quote   share    

McClatchy Co. filed for bankruptcy Thursday, a move that will end family control of America’s second largest local news company and hand it to creditors who have expressed support for independent journalism.

The Chapter 11 filing will allow McClatchy to restructure its debts and, it hopes, shed much of its pension obligations. Under a plan outlined in its filing to a federal bankruptcy court, about 60 percent of its debt would be eliminated as the news organization tries to reposition for a digital future.

The likely new owners, if the court accepts the plan, would be led by hedge fund Chatham Asset Management LLC. They would operate McClatchy as a privately held company. More than 7 million shares of both publicly available and protected family-owned stock would be canceled.

“While this is obviously a sad milestone after 163 years of family control, McClatchy remains a strong operating company and committed to essential local news and information,” said Kevin McClatchy, chairman of the company that has carried his family name since the days of the California Gold Rush. “While we tried hard to avoid this step, there’s no question that the scale of our 75-year-old pension plan – with 10 pensioners for every single active employee – is a reflection of another economic era.”

Read more here: https://www.mcclatchydc.com/news/nation-world/national/article240139933.html#storylink=cpy
1   Shaman   ignore (2)   2020 Feb 13, 8:58am     ↓ dislike (0)   quote   flag      

A pension fund with no funds isn’t one at all, but just a Ponzi scheme with a different name.
2   Tenpoundbass   ignore (16)   2020 Feb 13, 9:25am     ↓ dislike (0)   quote   flag      

Legacy Media is obsolete.

The News as we once knew it only existed for the sole reason, that the News industry, the Hearst legacy. Invested in News wire, and news ticker tape, that aggregated all of the important news of the world. Before that it came over a telegraph or News publications only published local news and events, until word from around the world arrived by Steam Ship. So the news industry had a monopoly on the Scuttlebutt the only way the common man could keep informed what people in Washington said or what was going on, on Wall Street. Was to buy a news publication that had access to the AP wire.

Since Twitter and Facebook the actual news makers Tweet out all of their news worthy items. Everyone in the world is privy to news worthy items at the exact same time. You as a Twitter consumer, or Youtube viewer, has already viewed the news item straight from the Horses mouth, and has had time to digest the facts, long before the Spin Doctors has even had a brain storming session on how to clean it up and save their political sacred cows.
The only people who watch the news to get informed, unfortunately are ignorant ill-informed Democrat voters. They refuse to even listen to any narrative or point of view that hasn't been vetted and twisted by their official trusted channels of misinformation.

I shit on the grave on the whole mighty institution of Journalism and the Ministry of Lies and Deceit. My it die a horrible wincing death.

Tweet On Trump!

Damn the Commies and fuck 'em if they bitch about it. We're learning the Lords work here!
3   Ceffer   ignore (6)   2020 Feb 13, 9:48am     ↓ dislike (0)   quote   flag      

More beholden, craven whores for the news whore mill! Cheap, bankruptcy prices! Mouthpieces to conquer all communication!
4   MisdemeanorRebel   ignore (3)   2020 Feb 13, 10:05am     ↓ dislike (0)   quote   flag      

(Bloomberg) -- Charles Munger, who’s a newspaper company executive as well as a Berkshire Hathaway Inc. vice chairman, said U.S. newspapers have no future.

“Technological change is destroying the daily newspapers in America,” Munger, 96, said Wednesday in Los Angeles at the annual meeting of Daily Journal Corp., the publishing company where he is chairman. “The revenue goes away and the expenses remain and they’re all dying.”

Berkshire, the conglomerate controlled by Warren Buffett, announced last month that it would sell off its newspaper holdings. BH Media and the Buffalo News will be acquired by Lee Enterprises Inc. in a rare divestiture for Buffett after he spent years snapping up local newspapers.

Buffett, a fan of newspapers since he was a boy, has lamented the decline of the industry as it suffered plummeting readership, ad competition from the web and newsroom cutbacks. He said last year that most newspapers are “toast.”

“They’re all going to die,” Munger said Wednesday. “It’s a sad thing.” He named some exceptions, saying the New York Times and Wall Street Journal are likely to survive.
5   HeadSet   ignore (2)   2020 Feb 13, 11:41am     ↓ dislike (0)   quote   flag      

The best part of travel used to be buying all the local papers and getting a pot of coffee to yourself to read them all.

Yep. I loved buying local newspapers when I traveled to towns and cities, even the rural papers.
6   Rb6d   ignore (0)   2020 Feb 13, 12:03pm     ↓ dislike (0)   quote   flag      

NoCoupForYou says
Technological change is destroying the daily newspapers in America

If there would be an anti-NYT, I would subscribe to it!!! I would like to sit in yard of my house on Sunday morning and read newspaper while drinking morning tea.
But intelligent journalism does not exist, so no subscriptions.
7   HeadSet   ignore (2)   2020 Feb 13, 12:20pm     ↓ dislike (0)   quote   flag      

Interesting how McClatchy is declaring bankruptcy right of the heals of Devin Nunes having a Judge in VA rule that his lawsuit against McClatchy can advance to the discovery phase.
8   HeadSet   ignore (2)   2020 Feb 13, 2:05pm     ↓ dislike (0)   quote   flag      

APOCALYPSEFUCKisShostikovitch says
HeadSet says
Yep. I loved buying local newspapers when I traveled to towns and cities, even the rural papers.

I used to love reading The Land on that weird green paper in Australia. Ballsy reporters.

In England I loved all the tabloids. Especially the "Page 3" girls.
9   MisdemeanorRebel   ignore (3)   2020 Feb 13, 2:59pm     ↓ dislike (0)   quote   flag      

rd6B says

If there would be an anti-NYT, I would subscribe to it!!! I would like to sit in yard of my house on Sunday morning and read newspaper while drinking morning tea.
But intelligent journalism does not exist, so no subscriptions.

Epoch Times, digital and print:
10   SunnyvaleCA   ignore (1)   2020 Feb 13, 3:32pm     ↓ dislike (0)   quote   flag      

OccasionalCortex says
Ok, is it only me who thinks that Bloomie should shut down Bloomberg if he is seriously gonna run? OR at least put it into the control of a blind trust? I mean, EVERY thing it prints will be scrutinized as a reflection on him and vis versa. Not good.
NYT and WaPo are blatently anti-Trump and pro-everything-not-Trump, too. At least Bloomberg "news" will be more up front about their motivation.

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