Sunday, March 09, 2008

Ziff Davis Media Files For Bankruptcy

According to the Associated Press and Yahoo News Ziff Davis Media filed for bankruptcy.

Ziff Davis Media is the publisher of several technology and video game magazines including PC Magazine and Electronic Gaming Monthly.

It is reported that Ziff Davis owed $500 million in liabilities and only had $313 million worth of assets. It filed for Chapter 11 protection to restructure debt that had become burdensome. The company has 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.

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