Ziff Davis: EGM, 1UP publisher files for bankruptcy protection

by Christopher Grant on Mar 5th 2008 4:33PM

Ziff Davis Media, publishers of EGM, Games for Windows Magazine, and 1UP.com, filed for Chapter 11 bankruptcy protection today, in an effort to get their house in order and pay off some of that $390 million in debt they were sitting on last August. What does this all mean? If approved by a court, Ziff will restructure to lighten its debt load ("a total of $400 million") and, theoretically, all of your video gaming properties should continue on with business as usual (we expect to hear as much from one of the 1UP guys in time). Jason Young, CEO of Ziff Davis Media, framed it this way: "Today's restructuring agreement goes a long way towards resolving the burdens of a debt load and capital structure established seven years ago, during a leveraged buyout of the company." More on this as we hear it.

[Thanks, Blizake]

Tags: BreakingNews, EGM, Ziff-Davis

Reader Comments (53)

Agh! I'm getting eye strain from trying to read the anti-Ziff comments.

For all you Joystiq fans who hate Ziff, it's worth noting that Chris and Justin have mentioned before that the GFW podcast is possibly the best gaming podcast available. If you haven't listened to it yet, give it a go.

I used to go to Seanbaby's site around 8 or 9 years ago. Even back then his act was becoming really old and tired. I have no idea how he is still employed.

I'm another dude with a free EGM subscript and I would never bother paying for it.