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FTI Consulting is handling McClatchy's Chapter 11 filing as the owner of 30 newspapers seeks to restructure debt, shed pension obligations and accelerate its digital transformation.
In a letter to stakeholders, CEO Craig Forman noted the media industry has been under tremendous pressure from disruptive forces such as technological advances consumer-behavior shifts, and business-model challenges.
“We believe the actions we have taken are an important step to ensure a strong future for McClatchy, and we look forward to emerging from this process in the next few months with a stronger financial foundation,” he wrote.
McClatchy asked the Pension Benefit Guaranty Corp. in November to assume control of its pension fund assets and obligations because it will not be able to make the required $124M contribution in 2020. It uses BGR Government Affairs to build support in Washington for the bailout of the underfunded pension fund.
The 163-year-old company, which posted a $287M operating loss on $526M in nine-month 2019 revenues, owns the Charlotte Observer, Sacramento Bee, Kansas City Star and Miami Herald. Its stock trades at 75 cents. The 52-week range is 29 cents, $6.23.
FTI's Rachel Chesley, Lou Colasuonno and Ryan Toohey work the restructuring.
WPP CEO Cindy Rose has retained Goldman Sachs to explore strategic options regarding its Burson PR flagship, according to a report in the London Times.
Mike Sitrick has bought his firm Sitrick And Company back from RGP, the Dallas-based management consulting firm. He sold the strategic communications powerhouse for $43.4M in Oct. 2009.
Omnicom CEO John Wren enjoyed a 222 percent jump in 2025 compensation to $69.9M as the firm completed the acquisition of Interpublic.
Public Policy Holding Company recorded 24.7 percent growth in 2025 revenues to $186.5M and a 32.1 percent surge in adjusted net income to $36.6M.
S&P Global has reaffirmed its negative “BBB” rating on WPP due to ongoing challenges that it will face during the next 12 months.
