As a bankruptcy auction takes place to determine who will own McClatchy, the parent company of The News & Observer and The Herald-Sun, Raleigh mayor Mary-Ann Baldwin is appealing to the federal judge in the case to consider “the public good” in his decision.
McClatchy, the nation’s second largest news company, entered Chapter 11 bankruptcy in February. Until that time, the Sacramento, Calif.-based company had been under the control of the McClatchy family for 163 years.
After the Friday auction, the judge in the case will sign off on a sale on July 24. The known bidders are hedge funds Chatham Asset Management, McClatchy’s largest creditor, and Alden Capital Group, which owns the Media News Group chain and a third of the Tribune Company.
In a letter dated July 9, Baldwin told Judge Michael E. Wiles of the Southern District of New York that “The News & Observer was founded