Dylan Stableford of Folio reports that Doubledown Media, the parent company of Wall Street-oriented magazines Trader Monthly and Dealmaker, has closed because it has run out of money.
Stableford writes, “The New York-based publisher of Trader Monthly, Dealmaker, Private Air, Corporate Leader and the Cigar Report — which had been forced to cut the frequency and circulation of its titles, lay off more than a third of its staff and reduce salaries for the rest — was working desperately to find a buyer.
“Late last year, chairman Jim Dunning, Doubledown’s primary investor, gave Doubledown a $300,000 short-term loan to cover operating expenses — on top of $3.575 million he invested in the second half of 2008. According to a source, Dunning’s total investment in the company is approximately $8 million.
“According to a letter sent by Lane to investors in December, the company lost $3 million in 2008.”
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