TVNewser FishbowlDC AgencySpy TVSpy LostRemote PRNewser SocialTimes AllFacebook 10,000 Words GalleyCat UnBeige MediaJobsDaily

Posts Tagged ‘Law Enforcement Technology’

Cygnus Media Restructures Debt Through Chapter 11

cygnus.pngYesterday, trade publisher Cygnus Business Media filed for Chapter 11 bankruptcy protection in order to restructure its debt.

Cygnus reached an agreement with 23 out of 24 secured lenders on a financial restructuring deal that will swap debt-equity for the company’s secured debt. However, an out of court deal required a unanimous decision and the hold-out lender pushed Cygnus to file a prepackaged bankruptcy plan in Delaware Bankruptcy Court, in the hopes of swiftly ushering in the restructuring plan. Under the plan, the company’s secured debt will be reduced from $180 million to $60 million, Folio reported.

Cygnus says it expects its plan to gain court approval in about 45 days, during which time its employees and vendors will be paid and business will continue as usual.

Read more

Mediabistro Course

Travel Writing

Travel WritingStarting September 23, learn how to turn your travel stories into published essays and articles! Taught by a former Vanity Fair staff writer, James Sturz will teach you how to report, interview, and find sources, discover story ideas and pitch them successfully, and understand what travel editors look for in a story. Register now! 

Trade Publisher Cygnus Lays Off 50, Suspends Four Pubs

modern jeweler.pngCygnus Business Media, the publisher of more than 40 business-to-business trade publications, said today that it has laid off 50 staff members and restructured its sales team in its strongest media sectors.

The staff reductions, which affected the company in all areas including the editorial, sales, sales support and graphic design departments, represent 12 percent of Cygnus’s total workforce, the company said. There is no word on who exactly was let go, so if you have any information, email us or leave a note in the anonymous tip box.

And although magazines like Firehouse and Law Enforcement Technology and their corresponding Web sites continue to thrive — a Cygnus spokesperson said Firehouse.com and Officer.com each get 600,000 unique visitors a month — the company did suspend publication of four underperforming titles.

Cygnus would not confirm which titles were affected, but a source with knowledge of the matter told FishbowlNY that jewelry trades Modern Jeweler and Lustre were going to have their publication suspended, along with RV Trade Digest and Wood Digest.

“The final status of the properties most affected has not yet been determined; however a reduction in frequency of printed issues will occur,” Cygnus said in a statemnet. “Some of our groups are seeing signs that their markets are stabilizing — with requests even coming in for Q4 proposals. That’s a positive sign, similar to what the overall economy might be suggesting. But no one is projecting a rapid turnaround next year. Because of that, the decisions and steps taken today have positioned our operations, to the best of our knowledge and visibility, to remain sound this year and next year, should we not see some improvement in the economy.”

Read more