NEW YORK: Ziff Davis Media, which filed for bankruptcy protection this past Wednesday, is working with Joele Frank, Wilkinson Brimmer Katcher.
The firm will help the tech publisher communicate to stakeholders that the filing is the most expedient way to resolve its capital restructuring plan, which had not been approved by Ziff Davis junior note holders, said Andy Brimmer, partner at Joele Frank.
No layoffs or publication closings are expected.
"[Ziff has] taken a very important step to find a permanent solution to the cap structure that [it] had for the last seven years," he added. "The business has changed and evolved over the past seven years and [it] remains strong in the core market structure, but the one thing that has not evolved is the capital structure. We are working with employees, vendors, customers, and essentially emphasizing that it's going to be business as usual."
Brimmer added that the company hired Joele Frank last August when restructuring began. The Rosen Group is Ziff Davis' AOR.
Senior note holders have agreed to the restructuring plan. The publisher expects to come out of bankruptcy this summer.
CEO Jason Young said Ziff Davis has interviews set up with trade publications and wire services to explain that its titles have "great operating momentum."
Though the company has lost revenue - down from about $300 million during the pre-bubble- burst days of 2001 to $76 million last year, according to the AP - Young said the company is experience significant online growth.
"In [Q4 2007], our digital properties grew 30% - growing by 25% in revenue - and in January, comScore measured our digital network's total audience growing by 30% year over year," he said.
"Even as recently as two days ago," explained Young, "our PCMag.com had its largest day ever in visits, page-views, and impressions served."