Late today, Ziff Davis Media, parent company of PC Magazine (and PCMag.com) announced they had filed a voluntary Chapter 11 bankruptcy petition and had reached an agreement with an ad hoc group more than 80 per cent of it's senior note holders to reduce the company's liabilities substantially.
(In the US, Chapter 11 bankruptcy allows a company to restructure under court administration while protecting it from creditors).
The company noted that they expect operations to continue as usual.
Ziff Davis Media is a recognized and long time mainstream brand in computer publications and related ventures. Online brands include Extemetech, dl.tv, 1up.com, Filefront, and others. Print publications include PC Magazine, Games for Windows, and EGM. The company also holds a numbers of events including the Electronic Gaming Summit.
The company is privately held and based in New York City.
It is important to note that ZDnet (and other similar brands) are part of CNET Networks, Inc. and not associated with Ziff Davis Media.