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Mon Feb 18, 2013, 09:25 AM

Readerís Digest Files for Bankruptcy as Iconic Magazine Falters


(Bloomberg) RDA Holding Co., publisher of the 91-year-old Readerís Digest magazine, filed for bankruptcy to cut $465 million in debt and focus on North American operations as consumers shift from print to electronic media.

The company is the latest in a line of iconic businesses to have recently sought court protection from creditors, after Hostess Brands Inc., maker of Twinkies and Wonder Bread, and Eastman Kodak Co., inventor of Kodachrome and the Instamatic camera.

Readerís Digest, founded by DeWitt and Lila Wallace, went public in 1990. An investor group led by private-equity firm Ripplewood Holdings LLC bought it in 2007 for $1.6 billion and the assumption of about $800 million in debt. The company also filed for bankruptcy in August 2009, citing a drop in advertising spending and the debt load incurred in its acquisition.

The company listed assets and debt of more than $1 billion each in Chapter 11 documents filed yesterday in U.S. Bankruptcy Court in White Plains, New York. Under a restructuring agreement supported by Wells Fargo & Co., $465 million of remaining senior notes will all convert to equity. The company expects to have about $100 million in debt when it exits Chapter 11, about an 80 percent reduction. ..................(more)

The complete piece is at: http://www.bloomberg.com/news/2013-02-18/reader-s-digest-files-bankruptcy-to-cut-465-mln-debt.html



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Reply Readerís Digest Files for Bankruptcy as Iconic Magazine Falters (Original post)
marmar Feb 2013 OP
Sekhmets Daughter Feb 2013 #1
LiberalEsto Feb 2013 #2
Jackpine Radical Feb 2013 #3
RC Feb 2013 #7
pinboy3niner Feb 2013 #8
Jackpine Radical Feb 2013 #10
pinboy3niner Feb 2013 #14
RZM Feb 2013 #19
pipi_k Feb 2013 #11
pinboy3niner Feb 2013 #4
senseandsensibility Feb 2013 #13
Jackpine Radical Feb 2013 #18
KharmaTrain Feb 2013 #5
Burma Jones Feb 2013 #6
Initech Feb 2013 #9
pipi_k Feb 2013 #16
tabbycat31 Feb 2013 #12
raccoon Feb 2013 #15
pipi_k Feb 2013 #17
Brother Buzz Feb 2013 #20

Response to marmar (Original post)

Mon Feb 18, 2013, 09:31 AM

1. Private Equity strikes again....

"The company also filed for bankruptcy in August 2009, citing a drop in advertising spending and the debt load incurred in its acquisition."

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Response to marmar (Original post)

Mon Feb 18, 2013, 09:32 AM

2. Brings to mind that line from a John Prine song

"While digesting Reader's Digest, at the back of a dirty book store
A plastic flag with gum on the back fell out on the floor...."

from "Your Flag Decal Won't Get You Into Heaven Anymore" 1971 John Prine

a great anti-Vietnam War song

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Response to marmar (Original post)

Mon Feb 18, 2013, 09:41 AM

3. RD=Fox News delivered by a Smilie.

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Response to Jackpine Radical (Reply #3)

Mon Feb 18, 2013, 10:58 AM

7. I used to subscribe.

 

I let it laps because of all the Right-wing propaganda, even in its jokes and funny stuff on the bottom of the page after each story.
It didn't used to be that way.
They hounded me for years after that to subscribe again. No way.

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Response to RC (Reply #7)

Mon Feb 18, 2013, 11:04 AM

8. This is poetic justice for rejecting all my jokes 35 years ago

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Response to pinboy3niner (Reply #8)

Mon Feb 18, 2013, 12:03 PM

10. You too?

I sent them some really good stuff.

Pearls before swine, I say.

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Response to Jackpine Radical (Reply #10)

Mon Feb 18, 2013, 12:11 PM

14. And to add insult to injury, they never notified you

You had to look through every issue for about four months or so before the realization finally dawned that your masterpiece wasn't going to appear in "Humor in Uniform" after all.

The batards!





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Response to pinboy3niner (Reply #8)

Mon Feb 18, 2013, 12:23 PM

19. LOL. I remember (I think?) sending something in for 'Life in these United States'

 

Long, long ago. At least I think I did. In any case it was never used.

Bastards!

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Response to RC (Reply #7)

Mon Feb 18, 2013, 12:04 PM

11. I never really noticed

whether any of it was overtly RW or not, but one thing that disturbed me for years was how, in just about every issue, they had some article or story or whatever about the Red Menace...aka The Soviet Union, before it became just plain old Russia.

I still have a subscription, because I do enjoy some of the jokes and witticisms at the bottom of the pages.

Although there does seem to be a slightly Conservative bent to some of the stories, but I think I'm smart enough to not let it affect my overall thinking.

Oh, and the other thing that's pissed me off...the magazine is way thinner than it used to be.

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Response to marmar (Original post)

Mon Feb 18, 2013, 09:45 AM

4. I am Joe's complete lack of surprise. nt

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Response to pinboy3niner (Reply #4)

Mon Feb 18, 2013, 12:10 PM

13. lol

My hubby and I both laughed at that one.

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Response to pinboy3niner (Reply #4)

Mon Feb 18, 2013, 12:21 PM

18. Hah!

I'd forgottenÖ

I do remember, though, all those rows of pseudo-elegantly bound Condensed Books that cluttered the used books section in every Goodwill store in the land.

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Response to marmar (Original post)

Mon Feb 18, 2013, 09:47 AM

5. Condensed Version...

...people no longer read magazines in the can...they bring their IPads and Cellphones. The online world has overtaken magazines like ITunes and downloads have overtaken the record companies...

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Response to marmar (Original post)

Mon Feb 18, 2013, 10:05 AM

6. Way back in 1971, my cousin was released from a Texas Prison after about 2 years

After he got out, he moved in with us. I was 10, he was 21, we shared a bedroom. He told me a lot of interesting stories.

Anyway, I asked him what you did in Jail. He told me that they gave you two things to read, Readers Digest and the Bible. He told me he read the Bible three times because there was no way in hell he'd read Reader's Digest.

He was definitely no religious person. Later, he went through drug addiction, cleaned himself up, got a B.S in Computer Science, got a good job and was killed in a car crash a month before his wedding......

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Response to marmar (Original post)

Mon Feb 18, 2013, 11:07 AM

9. Damn. What will sit on the backs of old people's toilets now?

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Response to Initech (Reply #9)

Mon Feb 18, 2013, 12:12 PM

16. Crossword puzzles maybe

I have a large stack of crossword puzzle magazines suitable for solving in the crapper.

Oh, and I also have a little book of "One Minute Mysteries You Solve With Science".

Proving that it's possible to expand one's mind while on the throne.



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Response to marmar (Original post)

Mon Feb 18, 2013, 12:05 PM

12. never read it

But it's based in my hometown and that makes me kinda sad.

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Response to marmar (Original post)

Mon Feb 18, 2013, 12:11 PM

15. This truly signals the end of the American Empire. Remember what you were doing when you heard it.nt

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Response to raccoon (Reply #15)

Mon Feb 18, 2013, 12:14 PM

17. Ironically...

I was on the commode reading my latest issue of "Reader's Digest"...

On my Kindle Fire



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Response to marmar (Original post)

Mon Feb 18, 2013, 12:29 PM

20. Readerís Digest is a bellwether for printed material

Expect to see more faltering publications follow suite. Some may enter bankruptcy, prolonging the inevitable, others will simply fold by ceasing publication.

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