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Ziff Davis Media could be exiting from its Chapter 11 bankruptcy protection as early as June.
The media company has reached an agreement with an ad hoc group of shareholders that “reflects their confidence in the strength of our business and our ability to unlock the underlying value of the company,” says CEO Jason Young (via Folio).
$428 million in debt will get converted into new common stock and a new note “not to exceed $57.5 million.” In addition, a group of senior secured note holders agreed to pay $24.5 million into a fund to keep the company going while it’s in Chapter 11, writes Silicon Alley Insider.
According to its original bankruptcy 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.
The company will ask the bankruptcy court to approve the agreement in June; it expects to come out of bankruptcy shortly thereafter.
All sectors of the media business will suffer from the weakened economy in 2008 and 2009, with a slump in local advertising particularly hurting newspapers and local TV, according to a new projection from Goldman Sachs.
Broadcast nets will experience…
The New York Times is shuttering its International Herald Tribune site; NYTimes.com will soon host the international news normally reserved for its sister website.
The move is not about cost savings, but rather about growth, NYTimes.com general manager Vivian Schiller…
Unilever’s Vaseline set forth on an unusual research project in a small town in Alaska. Setting up a storefront, the company began giving away free bottles of lotion and asking recipients to name the person who had recommended they come…
Meet the Press, the show hosted by Tim Russert for 17 years before his death last June, is beginning to slip in ratings.
Last month, CBS’s Face the Nation pulled ahead of Meet the Press for the first time in two…
Bloggers collectively create nearly one million blog posts each day, and half of bloggers believe blogs will be a primary source of news and entertainment in the next five years, according to Technorati’s 2008 State of the Blogosphere Report, MarketingCharts writes.…
Wal-Mart and Costco reported same-store gains in September, with sales rising 2.4% and 9% respectively. Sales at Target stores open at least a year fell 3%, writes Retailer Daily.
Below, fiscal results from the discount retail giants:
Sales of food and…
