Ziff Davis, one of the pioneering PC publications, has announced plans to restructure in the wake of the decision to not pay its interest portion of the payment on its notes.
Ziff Davis presently operates numerous publications such as the Games For Windows Magazine, Electronic Gaming Monthly, 1Up.com, Filefront, and GameTap.
“Jason Young, CEO of Ziff Davis Media, said "We are actively pursuing a considered and reasonable course of action to improve our capital structure as quickly as possible. Amidst a challenging print environment, our digital and event operations are doing well with our interactive segment growing at a faster rate than the industry. We are committed to making improvements in our capital structure, aligning it to the realities of our business operations, and unlocking the growth potential that we believe can be achieved in our remaining businesses."
The Company expects to conduct business as usual while it explores its restructuring options.”
The restructuring is likely to include the selling off of all ZD's gaming related publications and services.