McClatchy, the publisher of The State newspaper, has filed for bankruptcy.

The Sacramento, CA-based publisher is saddled with $794 million in debt.

McClatchy said The State and its 29 other newspapers will operate normally as it reorganizes under Chapter 11 bankruptcy protection.

It wants to unload pension obligations to a federal corporation that guarantees them so employees will get what they were promised.

For more than a decade, the McClatchy family has kept the company bearing its name independent despite its huge debt.

The family hopes to emerge from bankruptcy protection in a few months as a private company.

Its majority ownership by the Chatham Asset Management hedge fund will end 163 years of family control.

The daily newspaper industry has been crippled by changing technology.

Large media companies have tried to shift to online with some success as their revenue declined.