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2009-01-06 23:48:35| paidContent.org
Midway Games has finagled a bit more time to settle its roughly $150 million in debt, but it's hard to see how that is going materially change matters for the troubled game publisher. Under a new forbearance agreement contained in this SEC filing, the company now has until Feb. 19 to pay back 7.125 percent of its convertible notes. (Via SAI.) As of Oct. 31, Midway had only about $10 million in cash and in December it cut 25 percent of its staff, closed its Austin studio and suspended development on non-core games. Two weeks prior to that, Sumner Redstone sold National Amusement's 87 percent stake to investor Mark Thomas for a paltry $100,000 in cash. Related Layoffs Roundup: Sun Media; Midway Games; Gaia Online; American Media Midway Games Facing Bankruptcy After Redstone's Sell-Off Redstone Sells Midway Games For PittanceAnd A Massive Tax Writeoff Check out the best business jobs in digital media. Go here for paidContent.org Job Board.
2009-01-06 22:54:07| paidContent.org
Forbes magazine has completed the print/online editorial combo it announced in November, and with it, has axed 19 edit jobs, MediaMemo's Peter Kafka reports. This was the second phase of Forbes' print and digital integration. Phase one initiated in November, when the company formed a single ad sales force. The combined edit and ad sales staffs report to the "office of the chairman," which is actually a triumvirate that consists of Forbes.com CEO Jim Spanfeller, Steve Forbes, chairman and CEO of Forbes Media, and Timothy Forbes, the company's president and COO. About 43 employees lost their jobs in phase one, which also included shuttering the ForbesAutos.com site and paring down ForbesTraveler. Related Forbes Shuts Down Auto Site; Layoffs Hit Forbes Travel, Conference Group; TheStreet Closes SF Office @ FOBM: Magazines Wrestle With Whether To Merge Print And Digital Social Media Deals Report: This 199-page report, filled with charts and data, examines the categories, number and size of VC and M&A deal in social media from 2007 through 2008. Visit the ContentNext Reports page
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2009-01-02 07:00:03| USATODAY.com Money - Top Stories
If you can talk about the Maserati Gran Turismo high-performance coupe for more than two minutes without using a naughty innuendo, ...
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