McClatchy, a Major U.S. Newspaper Chain, Files for Bankruptcy

It was a thriving family business that got its start in 1857 as a four-page newspaper for residents of Sacramento in the wake of the gold rush. Now the McClatchy Company, the publisher of The Sacramento Bee, The Miami Herald and 28 other dailies across the country, has filed for bankruptcy and is expected to be run by a New York hedge fund.

In a Chapter 11 filing in New York on Thursday, McClatchy, one of the largest news publishers in the United States, said it planned to restructure its...