“Sacramento Mayor Darrell Steinberg is working to form a local ownership group that could purchase The Sacramento Bee, separating the 163-year-old publication from its parent company and more than two-dozen sister newspapers across the U.S.,” according to the Sacramento Bee.
“The Bee’s current owner, McClatchy Co., is moving through Chapter 11 bankruptcy in an effort to restructure its debt and shed pension obligations. If the restructuring plan proposed by McClatchy is approved by a judge, the likely owner of The Bee and 29 other publications would be Chatham Asset Management LLC, a New Jersey-based hedge fund.
“Steinberg said it is his ‘responsibility as mayor to continue to fight for any community asset that is vital to the future of Sacramento.’”
The rest of the article is here.
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A hedge fund buying newspaper? And keeping it running?