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Ziff Davis, a one-time publishing Goliath that employed over 1200 people, has skipped an interest payment due yesterday and is entering into negotiations with debt holders to restructure about $390 million in debt, writes the New York Post. The company has retained Alvarez & Marsal to handle the restructuring.
Ziff Davis, which has shuttered more than 10 magazines, has a staff of around 290 now, and is down to publishing just three print publications. It also publishes 15 websites and a conference business.
The Ziff family sold the company in pieces in the mid-1990s. In 2000, Willis Stein & Partners purchased the company for $700 million. It has been struggling since then, and began attempting to sell pieces of itself last year. It did manage to sell one of its three divisions, Enterprise Group - which publishes Baseline, CIO Insight, eWeek and related websites - to Insight Venture Partners, for $150 million.
In the fiscal year ending Dec. 31, 2006, Ziff Davis Media had $181 million in revenue and cash flow of $27.1 million.
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