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Ziff Davis Media files for bankcruptcy due to overwhelming debt |
Listed in: News Tags: EGM, Ziff Davis
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Publishing house Ziff Davis Media recently sent out a press release, stating that it has filed for Chapter 11 Bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York. The reason cited was the debt now mounting between US$ 500 million and US$ 1 billion. This will definitely affect all its video game-related businesses like publications EGM, Games for Windows, and PC Magazine, not to mention the website 1UP.com.
If approved by the court, Ziff Davis will have to undergo an intensive restructuring of its finances. An ad hoc noteholder group is planning to pay up to US$ 24.5 million to keep the company alive during this dangerous times.
Despite all these, Chief Executive Officer Jason Young remains positive that they will be able to overcome the situation at hand. He explained:
This agreement underscores our Senior Secured Noteholders' confidence in our ability to position ourselves for continued profitable growth.Operationally, we are also making great progress.
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.
If the restructuring process pushes through, vendors and business partners should expect to be paid for post-filing goods sold and services rendered to the company in the ordinary course of business.
Lastly, Ziff Davis Media has also filed a motion to the court that it should be allowed to continuously pay employee wages and salaries and to provide employee benefits without interruption.
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sure, we could all feel sad for egm,. and i do in some ways. but egm has been ripping people off for years now with its lack of relvant content...
I mean 98 pages while most of those pages are ads and maybe two specail interest articles,. one quaterman article. then the reviews. thats been egm in a nut shell for the last two yeas for the most part. I can see how some people wouldnt find that to be a rip off. but egm used to have many many times the content in a single issue. and they would pack in some frivolous swag on occasion to boot. I realize people will look negitively on me saying this. but EGM just iosnt what it used to be.
Especially in the light of news web sites and tv shows.
keeping everyone informed at a pace a snale mail mag could never hope to keep up with.
yes it's sad if egm suffers. because of this. but on the flip side. I debate the necessity of Egm anyway. I mean with the internet and many fine web sites thet keep us informed. will we really miss it. once its gone?
if it even leaves? I cant speak for everyone. but having found better ways to get my news. and honestly "more of it and in depth" I wont really miss egm no matter what happens.
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Here's hoping Ziff Davis, EGM and everyone affiliated with the publishing house can bounce back from this.
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I figured I would post it here.,
*the letter in it's original context.
Well, make sure to read the rest of the magazine. We state elsewhere that a lot of the "games" shown for PS3 so far aren't real-time games. This isn't something I'm making up...even Sony has officially stated that some of the demos, like Killzone, were "target videos" (meaning, they're pre-rendered sequences that they hope will be representative of the games later, when they get made). That means they made a movie to simulate what they think PS3 games will look like.
Then there the other "real-time" demos for PS3 graphics, like the Unreal and Fight Night videos. Those aren't target videos but the real deal. BUT...they're short, controlled demos that don't need to take into consideration artificial intelligence, the rest of the level, disc space, music, sound, etc...so those developers can spend 100% of their efforts to make one specific piece look fantastic.
Now, I'm not saying PS3 games WON'T look like that. I'm just saying a lot of the stuff isn't real right now, so people should take it with a grain of salt. If I just believed them and believed in the hype, then I wouldn't be much of a journalist now, would I?
Hope that clears that up. Bottom line: I didn't make a prediction...Sony has officially said themselves that some of those demos were "target videos" and not real-time demos.
-shoe
------------Original Message--------------------------------
From: Darren Bray
To: Dan Hsu
Date: 7/6/2005 @ 3:07 PM
Hi Dan, I sent this message in a Blog But im relivitivly New to 1.up and dont know if i sent it to the right place.
But now I believe i have found the right place to send you a message.
That being.
On the subject, of fakeness.
I was reading the latest issue of EGM, and In the likes/disslikes portion of the review crew lineup. you aperently didnt like the
Fake graphics of the ps3. I suppose you mean the quality of the demos at E3,and suspect that this level of quality wont be the case when (end all be all) It is finelly released to the world,I just wanted to speak my mind. And that being, How can you as a respected journalest, come right out and make a prediction like that,
As a long time fan of EGM, I respect your opinion deeply, If you say there fake.then there fake to me, But my question is. Baised on your experience ( which i have absolut faith in) Do you know Somthing Your not telling us, Can you elaberate A little bit on your statment, that was made on page 107 in your disslikes catigory of the review crew lineup?
Forever a fan of EGM, But like most of us long timers We miss ED. He was the soul of EGM. But you do a good Job filling his shoes.
"Shadowprophet.
sigh, this makes me nostalgic,..
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