Tech publisher Ziff Davis files for Chapter 11
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The publisher of PC Magazine and Electronic Gaming Monthly and Web versions of those magazines has filed for restructuring under chapter 11 in bankruptcy court.
NEW YORK – 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.
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