Former Tribune Publishing executive Tony Hunter will become CEO of The McClatchy Co. after its sale to Chatham Asset Management, which is expected to close in September. Chatham is acquiring McClatchy for $312 million, the New Jersey hedge fund announced last month.
Hedge fund ownership of newspaper groups typically spells doom for the newsrooms. But Chatham Asset Management’s takeover of McClatchy — scheduled to be finalized on Tuesday — is actually inspiring some cautious optimism among its journalists. That’s because Chatham has agreed to allow all employees to keep their jobs while honoring existing union contracts under the hedge fund’s plan to pay $312 million for the newspaper conglomerate. It’s a stark contrast to hedge funds’ habit of job cutting when they take ownership of newspapers.
The family-owned publisher of The Sacramento Bee and The Miami Herald announced the winner of its bankruptcy sale: Chatham Asset Management, the owner of The National Enquirer.