McClatchy, one of the oldest and largest local media companies in the United States, plans to merge with accelerate360, a major magazine publisher and distribution business, the two companies announced Friday.
Both McClatchy and accelerate360 are owned by Chatham Asset Management, a New Jersey-based hedge fund with other assets in journalism and communications.
The boards of both companies voted to approve the intent to merge this week. Tony Hunter, McClatchy’s chairman and CEO, would take the helm as chairman and CEO once the new entity is formed.
The merger would fuse a local newspaper company that has won 54 Pulitzer Prizes with a line of glossy lifestyle and celebrity magazines — an unconventional marriage in the media industry that comes with cultural and ethical challenges.
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