March 5, 2008
Ziff Davis Files for Chapter 11 Bankruptcy Protection
The publisher in charge of such well known gaming magazines as Electronic Gaming Monthly and website 1up.com, has filed for chapter 11 bankruptcy in an attempt to lower the companies debt. Ziff Davis has reportedly had money problems for a while now, with nearly 400 million dollars worth of debt.
Ziff Davis hopes to restructure the company in order to lighten the debt and hopefully not create any more. It is expected that the gaming websites/magazines won't be affected during the transition, though it's well known that Ziff Davis is perhaps still looking to sell its gaming division.
I really enjoy listening to both the 1up Yours and GFW Radio podcasts, and can tell some really passionate gamers work for these companies. Hopefully everything works out for as far as their concerned.