The beleaguered tech publisher, once responsible for the publication of the magazines Electronic Gaming Monthly and the print version of PC Magazine, and one time owners of 1up.com, has been purchased after years of financial woes that included filing for Chapter 11, according to Market Watch. The company, founded in 1927, also created its own tech network called ZDTV, which was later renamed TechTV before being sold in 2001 and then merged with G4TV.
Ziff Davis still owns several tech publications, including Gearlog.com, AppScout.com and PC Magazine to name a few.
Details of the purchase have not been released, but the Wall Street Journal is reporting that Shah will take over as CEO.
The report also claims that the company was sold for less than $150 million. At its height in the 90s, Ziff Davis was sold to the Japan’s Softbank Corp for around $2.1 billion. An acquisition by Willis Stein and Partners in 2000 weighed the publisher down with massive debts that eventually led to bankruptcy in 2008.
(Updated to include new information)
- Gawker files for chapter 11 bankruptcy; deal in place to sell company to Ziff Davis
- Ziff Davis acquires tech deals site LogicBuy