Brankruptcy puts magazine chain in “a position poised for wonderful growth”

Ziff Davis CEO Jason Young has got some serious spin going: “We feel like we’re in a position poised for wonderful growth. We just needed to solve this issue.”

Translation: “We are not in swamp. Those are not alligators.”

According to court documents the company had about $500 million in liabilities and $313 million worth of assets, as of the end of December. ZD cited a decrease in revenue from print advertising and subscriptions as contributing to its decline. Print advertising revenue dropped to $40 million last year from $215 million in 2001. The company’s total revenue fell to $76 million last year from about $300 million in 2001.

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