Sadly, Ziff Davis, publisher of a variety of tech magazines and websites, has filed for Chapter 11, which is basically bankruptcy. One of my favorite magazines, Electronic Gaming Monthly (EGM), and the website 1up.com where all of Ziff Davis's video game publications post for the web are all affected. Now Chapter 11 doesn't mean Ziff Davis is finished. Yes, they are in a $225 million debt, but by this summer they are planning to cut it to $60 million by giving up nearly 90% of their equity to private investors.
After continually hearing Professor Mack and Michael in my news editing class talk about the dire situation at the Mercury News having a fire sale of lay-offs to my magazine Professor, Tom Ulrich, telling us the magazine business is somewhat thriving, I can't help but think how the hell could this happen. How can the magazine industry be thriving when a publication company as huge as Ziff Davis has to file for bankruptcy? Lately, it is very hard not to doubt whether I made the right decision to pursue a journalism major, I mean, will there even be a job for me when I graduate?
I need to go cheer myself up somehow right now...
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1 comment:
OK, then think about how you're gaining some web/online/multimedia skills that will put you in a better position than a lot of people when you get into the job market.
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