The embattled tech media company - which has teetered on the brink for over a year as it tried to sell itself in pieces to get out from under a mountain of debt - said it skipped an interest payment due yesterday and was entering into negotiations with debt holders to restructure about $390 million in debt.
The company, which once employed over 1,200 people, now has a staff of around 290 and is down to three magazines, including PC Magazine, Electronic Gaming Monthly and Games for Windows. It also owns 15 Web sites and a conference business.
Over the years, Ziff Davis Media has closed more than 10 magazines, including [email protected] Week, Yahoo! Internet Life and ExtremeTech, as it repositioned itself to focus largely on digital content.