McClatchy (Bankruptcy)

McClatchy's 2020 bankruptcy ended independent ownership of America's second-largest newspaper chain, including Miami Herald and Sacramento Bee. The company that bought Knight Ridder for $4.5 billion in 2006—just before print advertising collapsed—couldn't service debt as revenue plummeted. Like an organism that eats so much it can't move before a predator arrives, McClatchy's expansion timing was fatal.