Ziff Davis files chapter 11 bankruptcy
Damn, we don't normally do too much media-on-media stuff, but reports are surfacing that tech mega-publisher Ziff Davis (owner of PC Mag, EGM, DigitalLife, etc.) is fricking filing for chapter 11 bankruptcy as a shield from some $225m in debt. For those not in the know, chapter 11 just means they're down, but not necessarily out -- although we had no idea it was as dire for the media company as being $225m in the can (not that we're really all that shocked). Apparently when the company anticipates emerging from bankruptcy later this summer it'll have whittled down its debt to under $60m, having given up nearly 90% of the company's equity to its private creditors.
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