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 5/10 Good --- razorwire.warcry.com http://razorwire.warcry.com/rss/news
Friday, March 07, 2008 --- 141 days ago http://razorwire.warcry.com/news/view/82058-Big-Shocker-Ziff-Davis-files-for-Cha
 I give Ziff Davis a 3 out of 5
Surprise! A large print media dinosaur is filing for bankruptcy :
In order to implement the restructuring and permanently improve its capital structure, Ziff Davis and certain of its affiliates today elected to file Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of New York (the "Court"). The Company intends to implement the restructuring through a pre-arranged plan of reorganization that the Company shortly intends to file. The Company intends to seek Court approval of the pre-arranged plan as soon as possible. Ziff Davis expects operations to continue as usual during the reorganization process and expects to emerge from Chapter 11 this summer.
This summer. I won't be holding my breath. Just how screwed is the whole gaming print media business anyway?
"Operationally, we are also making great progress," continued Mr. Young. "As a result of our employees' hard work, we ended 2007 on a strong note. We matched audience growth with impressive digital revenue expansion. And while the print market continued to be challenging, we continue to be print category leaders in the markets we serve."
Challenging is an understatement. Ziff Davis is choking to death slowly and the fact they are the leaders of the gaming print industry does not bode well at all. I would expect ZD to go online only by summer, and Game Informer to continue to live on, as the only reason it exi ... |
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