CoolCatBad Posted March 6, 2008 Share Posted March 6, 2008 http://ap.google.com/article/ALeqM5i3vi6IT...vsrTCwD8V7MNDO0 NEW YORK (AP) ? Ziff Davis Media Inc., publisher of technology and video game magazines, filed for bankruptcy on Wednesday and cited a decrease in revenue from print advertising and subscriptions as contributing to its decline. But the company said it expected to reorganize quickly and exit court protection by midsummer. New York-based Ziff Davis said in a court filing that it had about $500 million in liabilities and $313 million worth of assets, as of the end of December. It filed for Chapter 11 protection to restructure debt that had become burdensome. "We feel like we're in a position poised for wonderful growth," Ziff Davis Chief Executive Jason Young said Wednesday. "We just needed to solve this issue." The company is the publisher of PC Magazine and Electronic Gaming Monthly and Web versions of those magazines. Ziff Davis reached an agreement with senior creditors, to whom it owes $225 million. Under the deal, the senior creditors will be owed $57.5 million and at least 88.8 percent of the common stock in the company once it emerges. Link to comment Share on other sites More sharing options...
Boeing 787 Posted March 6, 2008 Share Posted March 6, 2008 Oh that makes me sad................ :p Link to comment Share on other sites More sharing options...
1Frothy Posted March 6, 2008 Share Posted March 6, 2008 Well, 1UP has been rubbish for the last few months and I can't stand PC Magazine. So no tears here for ZD. Link to comment Share on other sites More sharing options...
Statikk Posted March 6, 2008 Share Posted March 6, 2008 If they had held on to ZDTV then they would still have revenues other than print/web. It was a stupid move IMO. Link to comment Share on other sites More sharing options...
Rappy Veteran Posted March 6, 2008 Veteran Share Posted March 6, 2008 1UP Yours is a good podcast would be shame to see it go. Link to comment Share on other sites More sharing options...
+Audioboxer Subscriber² Posted March 6, 2008 Subscriber² Share Posted March 6, 2008 1UP Yours is a good podcast would be shame to see it go. Yeah this better not cause harm to my 1UP yours :p Link to comment Share on other sites More sharing options...
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