Newspaper chain McClatchy files for bankruptcy protection

Graphic courtesy: MGN Online

NEW YORK (AP/WTVQ) – McClatchy, the publisher of the Lexington Herald-Leader, 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.

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McClatchy said Thursday that its 30 newspapers will continue to operate normally.

The company aims to emerge from bankruptcy in a few months with majority ownership by a hedge fund, ending 163 years of family control.

The publisher’s origins date to 1857, when it first began publishing a four-page paper in Sacramento, California. That paper became The Sacramento Bee.