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Posts Tagged ‘bankruptcy’

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Time Magazine Names Its First Female Managing Editor (NYT)
Nancy Gibbs was named the new managing editor of Time magazine on Tuesday, the first woman to become the top editor at the newsweekly in its 90-year history. Gibbs, who started at Time as a fact-checker 28 years ago, succeeds Richard Stengel, who is leaving to work for the State Department after seven years in the job. She was most recently Stengel’s deputy. The Wrap “I cannot think of a more perfect person than Nancy Gibbs to lead Time,” said Time, Inc. editor-in-chief Martha Nelson. “With Nancy at the helm, I expect Time to continue to flourish and grow on every platform.” WWD Gibbs’ first order of business, she said in an interview following her appointment, is a relaunch of Time.com in November that she said prepares it to fight off the competition. In the context of describing the new site, which is led by Edward Felsenthal, formerly of The Daily Beast, Gibbs also mounted a defense of the relevance of the weekly. Adweek While Gibbs said that she was more than content as a writer — and plans to continue writing, both for the magazine and books, as managing editor — the opportunity to play a larger role at Time was hard to turn down. FishbowlNY Gibbs was previously deputy managing editor and ranks as one of the most published writers in Time‘s history. She also holds the distinction of having written the most Time cover stories and has co-authored, with colleague Michael Duffy, the presidential histories The President’s Club: Inside the World’s Most Exclusive Fraternity (2012) and The Preacher and the Presidents: Billy Graham in the White House (2007). Time Gibbs: “I am committed to using every new tool — and those not yet invented — to engage readers in a conversation with the world’s best thinkers about what works, what’s smart, what’s scary, what’s stirring, and I will always invite you to help us, challenge us, correct us, join us.”

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Penthouse Publisher Files for Bankruptcy

FriendFinder Networks, publisher of the literary mag Penthouse, has filed for Chapter 11 bankruptcy. In a court filing, the company — which also owns the platonic friendship site adultfriendfinder.com — listed estimated liabilities of $500 million to $1 billion.

Meanwhile, assets for FriendFinder Networks were listed as $10 million plus a lot of men who enjoy looking at pictures of naked ladies.

“Despite continuing member interest and high volume traffic, the debtors did not make certain payments to the holders of existing first lien notes and cash pay second lien notes which constituted a default under their respective indentures,” FriendFinder said in its filing.

Bankruptcy on the Horizon for National Enquirer Publisher

American Media Inc., publisher of several titles including National Enquirer, Shape, Star, and Radar Online announced today plans to file for bankruptcy in about two weeks. Last year AMI also took over certain publishing functions for Playboy. Pending approval from the requisite number of creditors, the company will initiate a prepackaged Chapter 11 plan that involves some kind of debt-for-equity deal.

Said CEO David Pecker of the bankruptcy:

The reorganization should not affect American Media’s operations. Publications will function seamlessly, staff will be unaffected by the reorganization and customers should not notice any difference during the 60 day process.

Yeah, this damn well better not affect my Playboy subscription, buster.

Radio Giant Citadel Files For Chapter 11

citadel.jpgCitadel Broadcasting Corp., one of the biggest radio companies in the U.S., announced Sunday that it was entering Chapter 11 bankruptcy protection in order to restructure its massive debt.

Under the terms of a pre-negotiated reorganization plan, Citadel’s $2.1 billion loan will be converted into $762.5 million. The company will also gain access to $36 million in cash in order to fund the restructuring.

Citadel said yesterday that 60 percent of its senior secured lenders agreed to the reorg plan before the company filed in bankruptcy court in Manhattan.

“We are pleased with the support from the majority of our senior lenders, and we look forward to working with the remaining senior lenders and other stakeholders to ensure a complete and expeditious restructuring,” said Citadel CEO Farid Suleman in a statment. “Our business will continue as usual and the company will work to emerge from the restructuring process as quickly as possible.”

With 166 FM stations and 58 AM stations, Citadel is the third largest radio group in the country. It also owns radio network Citadel Media, which produces shows including “ABC News Radio” and Don Imus‘ show “Imus in the Morning.”

Reader’s Digest Files For Ch. 11

rda.pngOne week after announcing its intention to file for Chapter 11 bankruptcy protection, Reader’s Digest Association Inc. filed the necessary paperwork with the bankruptcy court yesterday.

In a release about the filing, the Reader’s Digest publisher said that 80 percent of its senior secured lenders had already agreed to the restructuring plan that was part of the filing. The Chapter 11 filing will only affect the company’s U.S. operations, the company added.

“Our business operations remain solid, with anticipated Fiscal 2009 revenue only down by low single digits, currency neutral, despite the recession,” said Mary Berner, the company’s president and CEO, in a statement. “We look forward to emerging with a restructured balance sheet and as a financially stronger organization that is positioned to pursue our growth and transformational initiatives.”

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GalleyCat: New York Times columnist and author Thomas Friedman has returned a $75,000 speaker’s fee.

WebNewser: Slate’s new online women’s magazine, Double X, published a critique of Gawker’s lady blog, Jezebel, on its first day.

Silicon Alley Insider: Washington State may have approved a tax cut for newspapers, but here’s 10 reasons why bailouts like that are a bad idea.

Folio: Magazine publisher R.R. Donnelly offers to buy bankrupt rival Quebecor World for $1.3 billion.

paidContent: A bankruptcy court has approved $13 million in bonuses for Tribune Co. employees, but has denied $2 million in severance that was sought for 60 employees. Also, the IRS is investigating the company’s employee stock ownership plan.

Layoffs At Papers In San Francisco and San Diego|Recession Chic At WHCD|Times May Still End Up In Ch. 11|Boston Globe Union Debates Concessions|Google Advertises Chrome

MediaJobsDaily: Layoffs at the San Francisco Chronicle and San Diego Union-Tribune.

FishbowlDC: A preview of the “recession chic” fashions of the White House Correspondent’s Dinner tomorrow night

Silicon Alley Insider: Bankruptcy is still a possibility for the Gray Lady

Huffington Post: Boston Globe‘s union held a meeting yesterday to debate a concession plan proposed by the paper’s owner, The New York Times Co. A vote is expected next month

paidContent: Google advertises its Chrome browser on YouTube