McClatchy papers, including the Myrtle Beach Sun News, were acquired during the covid period of 2020 by Chatham Asset Management, out of Chatham, New Jersey.
A federal judge signed off on a $312 million bankruptcy deal for the historic newspaper company. McClatchy owned the Sun News, The Charlotte Observer, the State Newspaper and its flagship, The Sacramento Bee, among others.
The deal moves the news publisher from family control to an asset minded investment company. This is in keeping with the ongoing trend that alarms press advocates like MyrtleBeachSC News.
We argue that finance firms are imperfect stewards of an industry built on the watchdog work of chronicling local government and commerce.
BUREAUCRATS KNOW YOUR BUSINESS
Once a city bureaucrat is given a 30 year job with unlimited time and data on his hands, studying your business becomes his business.
City Management, at Myrtle Beach City Hall, are only too keenly aware of the financial state of traditional news. In fact, the ongoing plans of city government are to create its own news outlets using channels like Google, Facebook, Twitter, et al.
CAN YOU TRUST GOVERNMENT NEWS?
Trusting government run news services comes with its own set of cautions.
As the City of Myrtle Beach makes the transition from a mom and pop operated town, into becoming a corporate hotel managed oceanfront, MyrtleBeachSC News hopes the best for the Sun News.
We promise to keep a keen eye on city government, as well, here at MyrtleBeachSC News.