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Ziff Davis Wraps Up Restructuring, Cuts Debt

Illustration for article titled Ziff Davis Wraps Up Restructuring, Cuts Debt

Back in March 1Up promised that all of that nasty business with parent company Ziff Davis' bankruptcy would soon be behind them and that they would be a stronger publication for it.

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Today, speaking at the 11th Annual Electronic Gaming Summit, Ziff Davis Media CEO Jason Young told the gathered summit members that the restructuring process will be wrapped up in June. More importantly, he noted that their $400 million debt will be reduced to a paltry $57 million, leaving them with the cash flow to invest back in their products, which includes 1Up, EGM and GameVideos.

Sounds like Simon Cox, , Vice President of Content for the 1UP network, hit the nail on the head when he said they would be bigger, better, faster, stronger when they came out of the restructuring.

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Stay tuned later today for reports on talks given to this small group by Microsoft's Jeff Bell;, analyst Michael Pachter; Tanya Giles, of MTV; and the always energetic Peter Moore.

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DISCUSSION

excaliburps
excaliburps

This is good to hear. I expect 1up and other gaming sites that aren't blogs aren't as popular these days but 1up is what [Gamers.com] and [videogames.com] was before. Not to mention EGM. Which is still a part of videogame nostalgia. It's one of the few gaming magazines that started. Even more telling is it's still kicking to this day.

I do miss GameFan though!

I still go to 1up not for their up to date late breaking news but for their exclusives. Sure one might not like the exclusives they get (As with taste, it's all subjective really) but one can't argue they still get good ones from time to time (SF4 anyone?!) Not to mention their previews aren't that bad either. Think IGN with less corporate sugar coating and less than 10,000 pages long.