Categories: OLD Media Moves

PC Magazine parent set to exit bankruptcy court

Keith Kelly of the New York Post writes Wednesday that Ziff Davis, the publisher of PC Magazine, has reached an agreement with its creditors to exit Chapter 11 bankruptcy court protection.

Kelly writes, “In its court filings the company said that from 2001 to 2007, its advertising revenue plunged to $40 million from $215 million, while total revenue in the period dropped to $76 million from $300 million.

“Today, the company still has its one-time flagship PC Magazine and Electronic Gaming magazine and about 15 Web sites.

“The company said the plan, which has yet to be approved, will convert over $428 million in ‘indebtedness’ into new company stock along with a loan note of $57.5 million. Willis Stein would then own less than 10 percent of the company.

“New CEO Jason Young said, ‘the plan reflects their confidence in the strength of our business and our ability to unlock the underlying value in the company.'”

Read more here

Recent Posts

Reuters seeks a fact-checking editor

Reuters is seeking an experienced editor to take part in our fact-checking project and support the…

2 hours ago

Making financial news more accessible

CNBC Make It reporter Ashton Jackson writes about ways to make financial news more accessible to consumers.…

14 hours ago

SABEW names Best in Business Book winners

The Society for Advancing Business Editing and Writing announced Wednesday the winners and finalists for…

19 hours ago

Business leaders turning away from traditional biz news outlets

Business professionals are turning away from traditional business media sources such as newspapers, magazines and…

19 hours ago

Wired seeks a reporter to cover tech companies

WIRED seeks a reporter to cover tech companies and their influence, with a particular focus…

21 hours ago

Austin daily hires Leonard as tech reporter

Karoline Leonard has been hired by the Austin American-Statesman as a technology reporter. Leonard graduated from…

24 hours ago