PC Magazine Owner, Ziff Davis, Files Chapter 11
I know the Internet has been hard on publications, but I never thought I’d see the day when PC Magazine took such a hit. I remember back in the 1980’s when PC Magazine was the leader in PC pubs, packing in hundreds of pages per issue. Of course, I always had a thing for Byte magazine, which is still around in digital form thanks to Dr. Dobbs owner United Business Media.
This from BtoB Magazine re Ziff Davis:
Ziff Davis Media, a subsidiary of Ziff Davis Holdings, Wednesday announced it has filed for Chapter 11 bankruptcy protection in order to restructure its operations and pay down its debt.
Ziff Davis Media, whose assets include PC Magazine and EGM, filed for Chapter 11 protection in U.S. Bankruptcy Court for the Southern District of New York. It said it has reached an agreement with an ad hoc group of noteholders on its plan to restructure.
Ziff Davis Media expects operations to continue as usual during the reorganization process and to emerge from Chapter 11 this summer. During the restructuring process, vendors and business partners should expect to be paid for post-filing goods and services provided to the company.