Ziff-Davis Files for Bankruptcy
- Scribbled on March 6th, 2008 by Jonah Falcon
- Filed in Industry News, Legal Brief, Press Release
Joystiq is reporting that Ziff-Davis, which was in trouble for the last two years, has filed for Chapter 11:
Ziff Davis Media, publishers of EGM, Games for Windows Magazine, and 1UP.com, filed for Chapter 11 bankruptcy protection today, in an effort to get their house in order and pay off some of that $390 million in debt they were sitting on last August. What does this all mean? If approved by a court, Ziff will restructure to lighten its debt load (”a total of $400 million”) and, theoretically, all of your video gaming properties should continue on with business as usual (we expect to hear as much from one of the 1UP guys in time). Jason Young, CEO of Ziff Davis Media, framed it this way: “Today’s restructuring agreement goes a long way towards resolving the burdens of a debt load and capital structure established seven years ago, during a leveraged buyout of the company.” More on this as we hear it.
We’ll see if these print mags can survive in a world of online mag sites.
(Thanks, Joystiq.)
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