ZD Media files for bankruptcy

Ziff Davis Media Inc., publisher of technology and video game magazines, filed for bankruptcy on Wednesday and cited a decrease in revenue from print advertising and subscriptions as contributing to its decline.But the company said it expected to reorganize quickly and exit court protection by midsummer.

New York-based Ziff Davis said in a court filing that it had about $500 million in liabilities and $313 million worth of assets, as of the end of December. It filed for Chapter 11 protection to restructure debt that had become burdensome.

“We feel like we’re in a position poised for wonderful growth,” Ziff Davis Chief Executive Jason Young said Wednesday. “We just needed to solve this issue.”

The company is the publisher of PC Magazine and Electronic Gaming Monthly and Web versions of those magazines.

Ziff Davis reached an agreement with senior creditors, to whom it owes $225 million. Under the deal, the senior creditors will be owed $57.5 million and at least 88.8 percent of the common stock in the company once it emerges. (link)

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