Chatham Announces Plan to Buy Newspaper Publisher McClatchy

Chatham Announces Plan to Buy Newspaper Publisher McClatchy
Copies of the McClatchy Co. owned Miami Herald newspaper are shown Oct. 14, 2009, in Miami. Wilfredo Lee/AP, File Photo
The Associated Press
Updated:

NEW YORK—Hedge fund Chatham Asset Management plans to buy newspaper publisher McClatchy out of bankruptcy, ending 163 years of family control.

The companies did not put a price on the deal in an announcement Sunday. The agreement still needs the approval of a bankruptcy judge; a hearing is scheduled for July 24.