Chatham Asset Management, a hedge fund, completed the acquisition of McClatchy, an American publishing company based in Sacramento, for $318m. "Today marks the beginning of a new era and opportunity for McClatchy. The company is now poised for sustainable long-term growth driven by differentiated local content and an acute focus on our digital presence and offerings. We will continue to be proud of McClatchy's iconic past while focusing on creating a bright future. I look forward to leading the talented McClatchy team, empowering them to do their best work, and energizing the organization to meet and exceed the evolving needs of our customers," Tony Hunter, McClatchy Chief Executive Officer.