ZIFF DAVIS COMES TO TERMS WITH BANKERS
Debt to Be Restructured By End of Summer
ZIFF DAVIS REPORTS $295 MILLION LOSS
Restructuring Charges Add to Troubled Publisher's Woes
TROUBLED ZIFF DAVIS CLOSES TWO BUSINESS TITLES
'Interactive Week,' 'Smart Partner' Latest Magazine Victims
Ziff Davis CEO Bob Callahan informed staffers in a memo earlier today that the 1.1 million circulation consumer title's August issue would be its last.
'No sign of coming back'
"Unfortunately, after both the technology market declined and the Internet bubble burst, the magazine did not generate enough marketplace support," the memo read. "Revenue growth was showing no sign of coming back in the months ahead."
Despite the title's pop-cultural aspirations -- editor Barry Golson's approach was to use celebrity covers and cultural commentary -- the title rose and fell and then fell hard with the Internet boom.
Ad page down 53.5%
Through May of this year, Yahoo!'s ad pages were down 52.5% to 151.1, according to Publishers Information Bureau. For the first five months of 2001, ad pages were off 32.3%. Through May 2000, the title netted more than three times as many pages as it did through May of this year.
Since 1999, Ziff Davis has stopped publishing Expedia Travels, Family PC, Net Economy, Interactive Week and Smart Partner, and converted the 800,000-circulation Smart Business to a newsletter.