Idaho Statesman Owner McClatchy Files For Bankruptcy Protection

15 hours ago

The publisher of the Idaho Statesman, the Miami Herald, The Kansas City Star and dozens of other newspapers nationwide is filing for bankruptcy protection.

McClatchy said Thursday it will continue to run normally as it pursues approval of its restructuring plan under Chapter 11. Its 30 newsrooms, including The Charlotte Observer, The News & Observer in Raleigh, and The Star-Telegram in Fort Worth, will continue to operate as usual.

The newspaper industry has been devastated by changing technology that has sent the vast majority of people online in search of news. 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.