New York (NY) - Ziff Davis, the publisher behind some of the biggest computer and video game magazines in the country, announced that it has filed for bankruptcy but plans to bounce back on its feet soon.
The publisher said it is reeling from declining sales in print advertisements as well as subscriptions. Of the $500 million in liabilities it reported in December, it only has around $310 million in assets. Ziff Davis
The bankruptcy petition
However, company CEO Jason Young said this is only a temporary setback. "We feel like we’re in a position poised for wonderful growth. We just needed to solve this issue," he told the Associated Press.
Ziff Davis publishes the magazines PC World, Electronic Gaming Monthly, and Games For Windows: The Magazine, along with some online publications. In
Ziff Davis said that print advertising revenues have dropped from $215 million to $40 million in the past six years.