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Updated as of July 24, 2020

As you know, on February 13, 2020, McClatchy began a voluntary restructuring process under Chapter 11 of the U.S. Bankruptcy Code to strengthen our balance sheet and position us to accelerate our digital transformation. On July 24, we announced that we filed an asset purchase agreement with the U.S. Bankruptcy Court, formalizing the details of Chatham Asset Management’s successful bid for ownership of McClatchy in the Chapter 11 sale process. Among other terms, the agreement outlines that the entirety of the 30 McClatchy news organizations will move seamlessly to the new ownership structure.

Importantly, our Chapter 11 and sale process will not impact our business operations or relationship with you or any of our advertisers, in any way. McClatchy and all of our 30 local newsrooms are operating as usual and will continue delivering strong, independent local journalism throughout this process and well into the future. We know that you rely on McClatchy to reach our readers and subscribers across the country, and we have taken all of the necessary steps to ensure we are able to uphold our commitments to you throughout this process:

  • All of our contractual programs and obligations are continuing as usual, along with the operations of our business.
  • There are no changes to your usual company contact, and you should continue to engage with McClatchy as you have in the past, in the ordinary course of business.

Again, when it comes to our relationship with you and the value and service we provide to our advertising partners, nothing has changed.

Over the past several years, we have adapted to a changing news industry, strengthening our data analytics capability, enabling more customized digital marketing plans for our advertisers. McClatchy is now roughly evenly balanced between subscription and advertising revenue, and between digital and print revenue, a much healthier distribution of revenue for an increasingly digital era. We expect to emerge from this process in the next few months even better positioned to meet your needs, continue to expand our digital news offering, and meet our readers and your audiences where they are. We also plan to further advance our digital transformation by investing in our excelerate® platform, providing even more opportunity for our local and regional partners to grow their influence.

We are fully committed to keeping you updated throughout this process. If you have any questions about today’s announcement, please direct them to your usual contact.

Thank you for your continued partnership and trust in McClatchy. We are confident this process will position our business for a stronger future and accelerate our ongoing strategy of digital transformation, unlocking even more potential value to our partners.

Frequently Asked Questions

How will the Chapter 11 process or sale process affect my relationship and contract with McClatchy? Will there be any changes to the terms of my contract?
Nothing changes. In fact, this will make us an even stronger business partner. All of our contractual programs and obligations are continuing as usual, and you should continue to engage with McClatchy as you have in the past, in the ordinary course of business. Our journalists will continue to deliver strong, independent journalism to the communities we serve.

Is there any impact to McClatchy’s relationships with advertisers as a result of the filing of the asset purchase agreement?
There are no immediate impacts to our relationships with advertisers. You should continue to work with McClatchy as usual. In fact, under new ownership and having resolved our balance sheet issues, we will welcome a new era, even better positioned to accelerate our ongoing strategy of digital transformation, unlocking even more potential value to our partners.

Will the advertisements I have confirmed and paid for still run – and on the agreed-upon schedule?
Yes. All of our contractual programs and obligations are continuing as usual. Your advertisements will run on the schedule as outlined in your contract with McClatchy, with no change outside of the ordinary course of business.

Why should I continue to advertise with a McClatchy news outlet?
Over the past several years, we have adapted to a changing news industry, increasing our digital footprint and data analytics capability, enabling more customized digital marketing plans for our advertisers. Moving forward, we also plan to further advance our digital transformation by investing in our excelerate® platform, providing even more opportunity for our local and regional partners to grow their influence. We expect to emerge from this process in short order even better positioned to meet your needs, continue to expand our digital news offering, and meet our readers and your audiences where they are.

Will there be any changes to advertising pricing structure or any other advertising logistics?
There will no immediate changes to advertising pricing structure or advertising logistics as a result of this filing. We will be touch in the ordinary course of business should there be changes to report, but, in the meantime, all of our contractual programs and obligations are continuing as usual, along with the operations of our business.

Am I allowed to terminate my contract before the advertisement runs? If I do, will I be refunded?
Our Chapter 11 and sales process will not impact our business operations or relationship with you or any of our advertisers, in any way. All of our contractual programs and obligations are continuing as usual.

Will this process negatively affect expected viewership?
When it comes to our relationship with our advertising partners and the value and service we provide to our advertising partners, nothing has changed. While we cannot anticipate future viewership, over the past several years, we have adapted to a changing news industry, increasing our digital footprint and data analytics capability, enabling more customized digital marketing plans for our advertisers. We look forward to emerging from this process in just a few months even better positioned to meet your needs, continue to expand our digital news offering, and meet our readers and your audiences where they are.

Will my company contact change under new ownership?
There are no immediate changes to your company contact. We will keep you updated should there be changes down the line, as usual.

How will I be kept informed during this process? Where can I go if I have additional questions?
We are fully committed to keeping you updated throughout this process. If you have any questions about today’s announcement, please direct them to your usual contact. You can also visit this website, www.McClatchyTransformation.com, for more information throughout this process.