McClatchy, a major local news publisher, files for bankruptcy in an attempt to restructure toward a digital direction.
The company filed for Chapter 11 bankruptcy for its continued struggle with $700 million in debt. This is another hint at the looming future local news.
Craig Forman, president and chief executive of McClatchy, explains “When local media suffers in the face of industry challenges, communities suffer: Polarization grows, civic connections fray and borrowing costs rise for local governments.”