McClatchy Files For Bankruptcy Protection

The publisher of the Miami Herald, The Kansas City Star and dozens of other newspapers nationwide is filing for bankruptcy protection. McClatchy Co. said it will continue to run normally as it pursues approval of its restructuring plan under Chapter 11. Its 30 local newsrooms are operating as usual. McClatchy expects fourth-quarter revenue of $183.9 million, down 14% from a year earlier. Its 2019 revenue is anticipated to slide 12.1% from the previous year. The publisher’s origins date to 1857 when it first began publishing a four-page paper in Sacramento, California, following the California Gold Rush. That paper became The Sacramento Bee.