Monday, May 04, 2020

NEW OWNER COMING SOON FOR BROKE-ASS McCLATCHY AND KANSAS CITY STAR!!!



First and foremost, let's focus on the good news for dead-tree media and the fading industry constantly compliments their own achievements.

Checkit:

The Star’s Melinda Henneberger earned one of journalism’s most prestigious honors for the second year in a row Monday when she was named a finalist for the Pulitzer Prize.

Sadly, that doesn't sell newspapers or subscriptions.

More importantly . . .

THE CHANCE OF NEW OWNERSHIP AT McCLATCHY MEANS EVEN MORE FIRINGS AND LAYOFFS AT THE KANSAS CITY STAR & A MEANINE NEW BOSS MORE FOCUSED ON THE BOTTOM LINE!!!

And so, here's the reality check that we thought we included in a compilation but deserves another mention as many more old school reporters and editors will be joining their friends in retirement very soon:

New York Post: At least 20 suitors are looking to buy newspaper giant McClatchy

Deets:

"At least 20 potential suitors are looking at buying all or part of McClatchy — the bankrupt owner of the Miami Herald, the Kansas City Star and the Sacramento Bee — and a federal judge wants the company back in court Monday to explain how it plans to run the sale.

"The newspaper giant’s largest secured creditors, Chatham Asset Management and Brigade Capital Management, submitted a so-called stalking horse bid in mid-April said to be “well in excess” of $300 million.

"In exchange for a 100 percent ownership stake in the company, the hedge funds are offering to swap $263 million in first-lien notes as well as $30 million in working capital and settlements with trade creditors and unsecured pensioners."

Developing . . .

15 comments:

Anonymous said...

Too late, they needed to clean house about 10 years ago. Now KCPT is filled with the cast offs and local journalism is worse than it has ever been before.

Which is why I read this crap blog and hate it.

Anonymous said...

^^^ Sure you "hate it" so much but keep reading. Grow up.

Anonymous said...

Good riddance.

Anonymous said...

^^^ +1

Anonymous said...

News Bad, News Bad! We hate news. News doesn't like Trump. Bad news.

Anonymous said...

The Pulitzer prize much like Nobel peace prize,is a pinko circle jerk.

Anonymous said...

What does settlements with unsecured pensioners mean?

Anonymous said...

There goes all the local star reporters we've known and loved through out the decades pensions.

Anonymous said...

If the Star goes under, who will peddle the DNC talking points?
Oh yeah, every other media outlet.

Anonymous said...

4:21

It means that the pensioners will be offered a one time check of $20,000 and told to have a happy retirement for the next 30 years on it.

Anonymous said...

^^^ OUCH!

Anonymous said...

Someone write the Covington kid’s lawyer and warm them before the star goes even more broke.
They ran the same lies as eveyone else...right?

Can Nick Sandman win a reverse Pulitzer?
..

Anonymous said...

What does settlements with unsecured pensioners mean?

Pennies on the dollar.

As has been forewarned on this blog for many years, the ultimate slap in the face to KC Star employees who remain after countless firings/layoffs/buyouts/down-sizing/right-sizing is when a bankrupt McClatchy discharges their pension obligations.

Kicked to the curb, and that pension you were counting on gone. Maybe some will finally understand what critics have been talking about for years and years.

Anonymous said...

their demise may have been partially a result of exogenous changes, but it's at least 51% their own fault.

Harold Eugene Johnson said...

Electronic media destroyed printed newspapers. Nothing lasts forever.