The new owner of the companies held by Sacramento-based McClatchy will keep its operations in 30 news markets intact, according to an agreement announced July 24 in bankruptcy court.
Chatham Asset Management, a New Jersey hedge fund, will pay $312 million for a company that had been controlled by the founding McClatchy family for 163 years.
Craig Forman, McClatchy’s president and CEO since 2017, will depart once the sale is final, as will Chairman Kevin McClatchy,
“As a former journalist, I was motivated to ensure a sustainable future for this great and essential company,” Forman said. “Now, Chatham, as new owners, will come in to build on the strong foundation this team has put in place.”
McClatchy’s California properties include The Sacramento Bee, The Modesto Bee, The Fresno Bee, The Tribune in San Luis Obispo, the Merced Sun-Star, Los Banos Enterprise and Sierra Star in Oakhurst.
Elsewhere:McClatchy family exits news publishing, but not journalism (The Sacramento Bee)