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SLO Tribune owner pays nearly $20 million to settle SEC charges

September 22, 2023

By KAREN VELIE

McClatchy, the owner of the San Luis Obispo Tribune and 29 other newspapers, agreed to pay $19.4 million to settle Securities and Exchange Commission charges that the firm improperly traded securities, according to an April settlement that none of McClatchy’s papers covered.

Chatham Asset Management, the owner of McClatchy, advised one client to sell certain American Media bonds while a different Chatham-advised client purchased the same bonds, according to the SEC. The improper trades led to inflated asset values which resulted in higher fees being charged to Chatham’s clients.

“As our order finds, Chatham’s trading in American Media bonds had the effect of increasing the prices of those generally illiquid securities in a way that was disconnected from economic reality,” said Sanjay Wadhwa, Deputy Director of the SEC’s Division of Enforcement. “We remain vigilant in rooting out such misconduct in the marketplace, including in the fixed income sector, where investments can be less liquid.”

Chatham consented to the SEC’s order without admitting or denying its findings.


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The Fibune needs to go belly up, soonest.


2

Well, they have to make money somehow, they’re sure not going to make much with that paper! There’s only so many bird cages to line and fish to wrap.


9

I’ve said all along if we could figure out who the real financial backers of the Trib are we’d be able to connect a lot of the dots…and I am pretty sure they would tie in to some of the pretty big names and shifty characters covered by CCN.


9

And shed light on the editorial positions both taken and avoided by the Trib.


9

Just so everyone’s following: American Media = National Enquirer, Tribune’s sister newspaper under Chatham.


5

I’m surprised the whole company was even worth 20 million.


14