The AP reports that McClatchy papers is in bankruptcy protection:
“McClatchy files for bankruptcy protection”: “McClatchy Co.’s 30 newsrooms, including The Charlotte Observer, The News and Observer in Raleigh, and The Star-Telegram in Fort Worth, will continue to operate as usual as the publisher reorganizes under Chapter 11 bankruptcy protection. …
“McClatchy expects fourth-quarter revenues of $183.9 million, down 14% from a year earlier. Its 2019 revenue is anticipated to be down 12.1% from the previous year. That would mean that the publisher’s revenue will have slid for six consecutive years. The company expects to pull its listing from the New York Stock Exchange as a publicly traded company, and go private.”
Go private is a euphemism for private equity buy-out, which means the looting and selling for scrap will commence. McClatchy, as you may recall during the Reign of Error (the Chimpy McStagger years), leveraged Knight-Ridder out of bidness, kept most of the good stuff and sold off the rest. The Knight-Ridder newsroom had the best reporting coming out of the Iraq War, and McClatchy kept it going.
Anyway, I expect this to follow the same path as the Chicago Tribune.
We have a huge need for journalism, maybe greater than ever, but we do not necessarily have a great need for dead tree papers. I don’t know what the answer is, but killing off the news helps no one.