QUARTERLY REVENUE DOWN FOR PUBLISHER ZIFF DAVIS

Company Cites Costs Related to Close of Several Magazines

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NEW YORK (AdAge.com) -- Troubled publisher Ziff Davis Media reported revenue for the second quarter was down 30% from a year ago.

The publisher, which has shuttered a number of technology-themed publications recently, reported quarterly revenue of $56.8 million, down 30.6% from the year-ago period. Its second-quarter net loss of $45.7 million, however, was lower than its loss of $49.3 million for the same period in 2001.

The company blamed

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the revenue drop on the closing of several publications -- including Smart Business, which was turned into a newsletter -- and on the weak advertising market. Earlier this month the publisher also folded Yahoo! Internet Life.

Ziff Davis also disclosed that bondholders of 87% of its notes have agreed to a debt restructuring that will exchange $250 million in senior subordinated notes for a combination of cash and new subordinated notes worth about 62 cents on the dollar.

Additionally, 95% of creditors have agreed to a prepackaged reorganization.

In order to complete the approvals, Ziff Davis extended its deadline for approval until July 23 and added a $15 million bond interest payment due July 15 to the reorganization package.

In a filing with the Securities and Exchange Commission in April, the company had raised the specter of bankruptcy if it was not able to complete the debt restructuring.

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