EGM And 1UP In Financial Trouble

According to the NY Post today, the Ziff David Media group has finally run out of money.

Despite adverts all over their websites and successful print magazines, the media company has been struggling with money for over a year, selling itself in little chunks as it tried to wriggle out of debt. Apparently it has recently skipped an interest payment, and is now looking to clear almost $400 million of debt.

“Operationally, we’re in very good shape, but we still have debt that was put on the company when it was a very different scale,” said newly installed CEO Josh Young, who earlier this month took over from Robert Callahan, who remains chairman.

Naturally, our sympathies go out to the employees and their families who might be affected by this. Even the one that reviewed Lair…