McClatchy files for bankruptcy protection

Reuters Videos

Updated Thu, Feb 13, 2020, 10:19 AM

In this article:

The publisher of the Miami Herald and 29 other local newspapers filed for bankruptcy protection Thursday. McClatchy says it has secured enough financing to keep operating its newspapers as usual as it restructures the company.

The second largest publisher of local papers, Sacramento, California-based McClatchy has been burdened with huge debt from its purchase of publisher Knight Ridder in 2006 for $4.5 billion.

It's the latest sign of the crisis engulfing the newspaper industry. Staffs at dailies have been decimated as the industry loses ad revenue to Google and Facebook. A report by PEN America says a fifth of the 1800 newspapers in the U.S. have closed since 2004.

McClatchy shares rose on the news in early trading Thursday. They're trading for well under a dollar, a far cry from the $750 the stock once commanded in the year before it bought Knight Ridder.

QuantumScape Making Big Moves: Time to Buy Before It Skyrockets?
The battery start-up might reach its ambitions sooner than expected.
Motley Fool
Missed Out on Nvidia? This Incredibly Cheap Semiconductor Stock Is Crushing Nvidia in a Key Market Right Now, and It Could Soar 55%.
Nvidia hasn't been able to make much of a dent in the automotive chip market, but there is one company that's winning big in this space.
Motley Fool
3 Magnificent S&P 500 Dividend Stocks Down 30% (or More) to Buy and Hold Forever
These three reliable dividend payers have historically high yields thanks to deep price declines.
Motley Fool
Billionaire Bond King Bill Gross Says This 10% Ultra-High-Yield Dividend Stock Is "Best of the Bunch" For Pipeline Master Limited Partnerships
While the energy sector has gotten off to a hot start this year, opportunities in master limited partnerships (MLP) stick out from the crowd.
Motley Fool
Massive News for Intel Stock Investors
Intel was hit with more bad news that has enormous implications for investors.
Motley Fool
This Is What the Latest Artificial Intelligence (AI) Earnings Reports Say About Nvidia Stock's Future
Intel and AMD's latest earnings reports make one thing clear about the state of Nvidia's competition in the AI chip market.
Motley Fool
Real-estate billionaire Barry Sternlicht puts his finger on the ‘impossible’ thing holding Miami back from really becoming Wall Street south: the schools
Sternlicht moved his real estate company Starwood Capital Group to Miami in 2018, but he says a lot more companies want to “move down” and can’t.
Fortune
Anthropic now lets kids use its AI tech -- within limits
AI startup Anthropic is changing its policies to allow minors to use its generative AI systems -- in certain circumstances, at least. Announced in a post on the company's official blog Friday, Anthropic will begin letting teens and preteens use third-party apps (but not its own apps, necessarily) powered by its AI models so long as the developers of those apps implement specific safety features and disclose to users which Anthropic technologies they're leveraging. In a support article, Anthropic lists several safety measures devs creating AI-powered apps for minors should include, like age verification systems, content moderation and filtering and educational resources on "safe and responsible" AI use for minors.
TechCrunch
China to Nurture Stock Rally by Masking Live Foreign Flows Data
(Bloomberg) -- China is set to switch off a live feed of foreign flows for stocks as early as Monday, the latest policy move to shore up confidence by removing a potential source of negative data.Most Read from BloombergApple Nears Deal With OpenAI to Put ChatGPT on iPhoneIce Cube’s Big3 Basketball League Sells Its First Team in $10 Million DealFord Cuts Battery Orders as EV Losses Top $100,000 Per CarHow One Brooklyn Neighborhood Became a Nightclub HavenElon Musk Pledges to Grow Supercharger Bu
Bloomberg
I’m 67 with $25,000 saved for retirement, but I just got a big pay raise. Should I claim Social Security now while I’m still working?
“I don’t have a financial adviser because no one‘s going to take $25,000.”
MarketWatch

Recommended Stories