Newsonomics: The McClatchy Auction Ends Not With a Bang, but Only More Whimpers
It lacked a good villain like Michael Ferro, and its conclusion was mostly foregone. But along the way, the drama of McClatchy’s bankruptcy was compelling enough to deserve some attention — even if only a few reporters, the best by far paid by McClatchy itself, paid much attention to it.
There were attempts at theatrics. Would thousands of retirees have their pensions saved? Would mustache-twirling Alden Global Capital tie McClatchy’s properties to the railroad tracks as its train rounded the corner? And, most intriguing of all, would the Knight Foundation bet $300 million-plus of its $2 billion-plus in assets on trying to revive an old newspaper company?
That last possibility came and went without public acknowledgment, but down the road it may look like a retrospective tipping point in the disappearance of the American daily press.
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