Hedge Fund Behind Trump’s Favorite Tabloid To Own McClatchy
- Chatham will own publisher if bankruptcy plan succeeds
- It’s the latest deal involving financial funds buying papers
Copies of the McClatchy Co. owned Miami Herald newspaper.
Photographer: Wilfredo Lee/APThis article is for subscribers only.
McClatchy Co., the owner of the Miami Herald, Kansas City Star and other newspapers, has become the latest casualty of the collapsing industry to fall into hands of an investment firm.
Only a day after Warren Buffett’s long-time business partner predicted the death of newspapers, the struggling McClatchy filed for bankruptcy in New York with plans to hand majority ownership of one of the industry’s largest newspaper publishers to hedge fund Chatham Asset Management, owner of the scandal-plagued tabloid National Enquirer.