EGM, 1UP and GFW publisher files for bankruptcy
Category: Industry, Posted: 03/05/2008 at 09:17PM CST by Billy Wang, Previews Editor
Despite proclaiming that they were in good shape last August, Ziff Davis Media has filed for Chapter 11 bankruptcy today due to outstanding debts totaling between $500 million to $1 billion.
Filing for bankruptcy is the beginning of a massive business restructuring plan for the company. During the restructuring phase, an ad hoc notehold group will pay Ziff Davis Media $24.5 million to stay afloat. In addition, the company filed "customary 'first day' motions" in order to continue paying their employees and vendors.
We gamers would know Ziff Davis Media for gaming websites like 1UP.com and publishing several gaming magazines such as Games for Windows, Electronic Gaming Monthly and PC Magazine.
Two years ago, Ziff Davis Media closed down the Official U.S. PlayStation Magazine following continued financial difficulties..
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I would also like to point out that I read on CNN or someplace like that, that most of Ziff Davis' revenue over the past few years has come from 1up. So while it's other endeavors may be failing, internet gaming journalism still appears rather profitable. Good news for us tehe.
Considering I haven't been fired yet, I'm assuming things are okay. For the time being.
You're a conspiracy nutter Chris, you have to be thinking deep down that you'll be first to go.
Incorrect. Our intern Pepe would be.
I can't imagine it would be easy to turn a prophet on print magazines these days. If 1UP is the only asset standing after all this I would not be surprised.