WSJ: Hedge Fund Chatham Wins Bankruptcy Auction for McClatchy’s Newspapers

Hedge-fund manager Chatham Asset Management LLC emerged as the winner in a bankruptcy auction for McClatchy Co., ending 163 years of family ownership for the newspaper chain and increasing financial investors’ control of the American publishing industry.

The sale, announced by McClatchy on Sunday, must be approved by the judge overseeing its bankruptcy. McClatchy publishes some 30 daily papers, including the Miami Herald, the Sacramento Bee and the Kansas City Star.