Thursday, March 6, 2008

that's one way to put it

In a statement surrounding the bankruptcy filings of once-powerful electronics magazine publishers Ziff Davis Media, in which they announced they had over $200 million in debts, Ziff Davis CEO Jason Young said, "We feel like we're in a position poised for wonderful growth," adding, "we just needed to solve this issue."

Yes, just that little issue of being $200 million in debt, with no end in sight:

The bursting of the Internet bubble hurt publishers like Ziff Davis, which said its print advertising revenue dropped to $40 million last year from $215 million in 2001. Its total revenue fell to $76 million last year from about $300 million in 2001.

via the ever-vigilant Magazine Death Pool