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.
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
"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 . . .