McClatchy's bankruptcy shows that local news is dying.
The filing under Chapter 11 of the Bankruptcy Code would enable the company to manage its more than $700 million of debt, brightening its prospects, they said. In a few months, after a reorganization, “we expect to be even better positioned to ... continue delivering essential local news to our subscribers and readers in the communities we serve.”
If we keep looking at newspapers as products owned by shareholders who want a return year over year, it’s not going to work.That would be a sharp turn in the company’s fortunes. Long considered a bastion of exemplary local journalism, McClatchy would be in the hands of a hedge fund known for its ownership of the National Enquirer during that tabloid’s recent scandals related to its relationship with President Trump and his fixer Michael Cohen.
from 2008 through 2018, with employment falling to 38,000 from 71,000. Employment at digital news sites rose in that period to 13,000 from 7,000, not nearly enough to replace the army of reporters and editors leaving the business.
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