The embattled tech media company - which has teetered on the brink for over a year as it tried to sell itself in pieces to get out from under a mountain of debt - said it skipped an interest payment due yesterday and was entering into negotiations with debt holders to restructure about $390 million in debt.
The company, which once employed over 1,200 people, now has a staff of around 290 and is down to three magazines, including PC Magazine, Electronic Gaming Monthly and Games for Windows. It also owns 15 Web sites and a conference business.
Over the years, Ziff Davis Media has closed more than 10 magazines, including Inter@ctive Week, Yahoo! Internet Life and ExtremeTech, as it repositioned itself to focus largely on digital content.
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EK Cooling allegedly has slipped itself into a hot soup of seemingly endless financial woes, where it has not paid its staff, suppliers, and contractors for many months as the company is facing liquidity problems and a surplus of inventory left unsold, stuck in the warehouse for a more extended period. Gamers Nexus investigated these claims made by former and current personnel, where he found trails of unpaid bills lasting as long as three to four months and unpaid raises that accumulated for almost a year.
EK Water Blocks has two entities—a Slovenian-based headquarters and a US-based subsidiary, EK Cooling Solutions. Steve narrated the series of events in detail, stating that the company was reportedly irresponsible and negligent regarding payment. Consequently, partners and employees are forced to share the burden of alleged mismanagement. It all begins with its extensive range of products, leading to a surplus of goods. EK has over 230 water blocks, 40 liquid cooling kits, 85 reservoirs, 40 pumps, 73 radiators, and 212 miscellaneous accessories.
Yes this is not about video games directly but indirectly this will impact the pc gaming/workstation space hard.
This company is massive one of two in the water cool space so if it goes poof then thousands out there have no spare parts or half built computers.
SO yeah i know not about a video game but think of it as amd leaving the pc space but this is ekwb that could be leaving water cooling in the pc space
Jayz2cents a supporter of there products also has issues
https://www.youtube.com/wat...
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I never really liked this mag.
My guess is that they bashed Lair just to get some money from microsoft.
The only magazine I read now is Gameinformer, they seem to always get the exclusive news and information on the latest happenings in the gaming industry
EDIT:Some one disagrees with me because i read gameinformer and not EGM ? ..erm..OK.
see what happens to a flameboy company!good for them, i remember when i actualy liked egm
Hell yer!!!!!
This is good news!!!!!
Edit: They were anti ps3, losing their jobs is very funny hahahahahahahahahahahahahahaha hahahahaha Party on b!tches!!!
Gameinformer. ain't it?