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Ziff Davis Media Inc., a publisher that reaches 26 million consumers through 16 websites, three magazines and direct marketing, has filed for bankruptcy.
The New York-based company expects to reorganize quickly and exit court protection by the middle of the summer. According to its court filing, ZD has about $500 million in liabilities and $313 million in assets. Chapter 11 protection will allow the publisher of PC Magazine and Electronic Gaming Monthly to restructure its debt.
Ziff Davis Chief Executive Jason Young said of the filing, “We feel like we’re in a position poised for wonderful growth. We just needed to solve this issue,” reported the Associated Press.
Ziff Davis was launched in the 1920s by William B. Ziff Sr. and Bernard G. Davis. The duo introduced titles such as Popular Aviation and Popular Electronics. The company took a major hit when the Internet hysteria leveled off and saw its print advertising revenue drop to $40 million last year from $215 million in 2001. Total revenue fell to $76 million last year from about $300 million in 2001.
The company employs 266 employees. Young said he did not anticipate layoffs.
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