New Jersey-based hedge fund Chatham Asset Management has completed its buy of McClatchy, Chatham announced. The purchase transitions the McClatchy operation out of bankruptcy.

As of Sept. 4, the entirety of McClatchy's 30 news organizations and all of its employees transitioned to a new private entity under Chatham ownership.

"Today marks the beginning of a new era and opportunity for McClatchy," said Tony Hunter, CEO of 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."

McClatchy has appointed a new board of directors, of which Hunter has been named chairman. Additional board members include John Bode, COO of Readerlink Distribution Services, a book distributor. Earlier in his career, Bode was CFO of Tribune Publishing Company. Also on the board is Jamal Mashburn, a business owner and former NBA player. Mashburn owns over 150 local businesses and franchises in the U.S.

McClatchy-owned Sacramento Bee has some background here.

Former McClatchy board chairman Kevin McClatchy wrote a goodbye column with background on his family here

The Miami Herald, Kansas City Star, The Charlotte Observer, (Raleigh) News and Observer and the Fort Worth Star-Telegram are among McClatchy papers.