The U.S. Bankruptcy Court approved Chatham Asset Management’s purchase agreement with The McClatchy Company on Aug. 4. The transaction is expected to close in September 2020, subject to customary closing conditions and the receipt of certain regulatory approvals.
In addition, Chatham Asset Management chose Tony Hunter to become CEO of The McClatchy Company following the local news company’s emergence from Chapter 11 and the completion of its court-approved sale to Chatham in September.
Hunter will succeed Craig Forman, who along with the current board and Kevin McClatchy, chairman of the company, will leave McClatchy upon its emergence from its court-supervised reorganization.
Hunter joined the Tribune Company in 1994, rising the ranks to CEO of Tribune Publishing and publisher of the Chicago Tribune, a role he held from 2008 to 2016. During his tenure at Tribune, he led the company through bankruptcy amid a global recession.
“McClatchy has a well-earned reputation for independent journalism in the public interest, and I am humbled to lead this institution alongside Chatham, a longtime supporter of McClatchy and the publishing industry,” Hunter said. “Craig and his team have had impressive success in transitioning to a digital business model, which we intend to accelerate. While honoring its past and continuing its commitment to essential local reporting, we will chart a new, sustainable path for McClatchy focused on customers, operational excellence and organizational agility.”
“I have known Tony for several years, and we share mutual respect for one another and this industry. McClatchy is well positioned to grow from the strong foundation we have put in place,” Forman said.
Hunter previously served as chairman of Nucleus Marketing Solutions, a collaborative venture between McClatchy, Gannett, Hearst and Tribune, from 2016 to 2019, as well as chairman of the News Media Alliance and a member of the board of the Alliance for Audited Media.
