BREAKING: McClatchy, a major US news publisher, files for bankruptcy protection.
McClatchy has received $50 million debtor-in-possession financing from Encina Business Credit. That, combined with normal operating cash flows, will provide enough cash for the company, still based in Sacramento, to continue to function.
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. McClatchy has suffered as readers give up traditional subscriptions and get news online and like other publishers, it's tried to follow them there.
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