I have enjoyed the fine work of the 1UP Network for years now, as I’m sure many of you do. Which is why I was so saddened by the news that Ziff Davis Media, Parent Corporation of 1UP.com has filed for Chapter 11 bankruptcy.
Simon Cox, VP of Content for the 1UP Network has written in his blog though that there may not be any reason at all to despair. He says that Ziff Davis has actually been quite a profitable company for years now, but the profits weren’t enough to keep up with even payments on their 500 million to 1 billion dollar debt.
He says that once the company emerges back from bankruptcy in July that it will actually be a very solid and reliable company, with debt that will be of a reasonable and manageable size.
The best consolation in all of this is that 1up.com is actually one of the most profitable parts of Ziff Davis Media. This means that even if Ziff doesn’t make it through this hard time, that someone, somewhere will want to snag 1UP and add them to their roster. They’re all good people over there, and it’s good to know that in all likelihood, they’ll land on their collective feet as a business.
I guess a 1UP is an extra life in the real world too.
[1UP]
