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The fates of two leading newspaper publishers are up in the air

July 1, 2020. Summarized by summa-bot.

The Miami Herald newspaper office building is shown, Thursday, Feb. 13, 2020, in Doral, Fla. McClatchy, the publisher of the Miami Herald, The Kansas City Star and dozens of other newspapers nationwide, is filing for bankruptcy protection. The company has struggled to pay off debt while revenue shrinks because more readers and advertisers are going online. (AP Photo/Wilfredo Lee)

Wednesday is the deadline to submit bids for McClatchy, the bankrupt newspaper firm. This is not your ordinary bankruptcy -- McClatchy is a vital local news source across the USA.

"I would strongly urge the bankruptcy court to consider what's best for our community and Florida when weighing the competing bids for the Miami Herald and the rest of the McClatchy newspapers," Miami mayor Francis Suarez wrote to the bankruptcy court judge in mid-June.

Now from one chain of papers, McClatchy, to another, Tribune. . .

Today marks the end of the standstill agreement for Alden Global Capital, the New York-based hedge fund that owns 33 percent of Tribune Publishing shares.

Quoting the press release: "In a sweeping vote of no confidence in Tribune's current leadership, NewsGuild members at publications including The Capital Gazette, The Chicago Tribune, The Hartford Courant, The Morning Call, The Orlando Sentinel, The Virginian-Pilot and more are seeking local investors who recognize that local newspapers are vital community institutions. " Reporters are promoting the campaign via social media and asking readers to sign petitions.

Cara Lombardo and Lukas Alpert with the story: Tribune "is in talks to add the co-founder of Alden Global Capital," Randall Smith, "to its board as part of an agreement that would prevent the hedge fund from making a hostile bid to buy the rest of the newspaper company in the near future. " Evidently Alden is not in a hurry to buy up control of Tribune "because of the instability triggered by the pandemic," per one of the sources. . .

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