Word: idge
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...advertising dried up--and ad revenues fell 62% from January through July this year alone, according to the Publishers Information Bureau--cash reserves quickly followed. Weber unleashed regular showers of pink slips but not fast enough to help. Last Tuesday plans for a second round of financing fell through. IDG--the technology trade-magazine giant based in Boston that owns 85% of the Standard--decided to pull the plug...
...with eCompanyNow. Some insiders at the Standard claim its managers had lined up a couple of potential buyers, but one obstacle may have been the Standard's large controlled circulation--copies given free to the industry. In any case, there had long been tension between the corporate cultures of IDG (East Coast, infotech oriented ) and the Standard (West Coast, business oriented). At some point, there was bound to be a nasty split...
...will return in some form. "We still need a weekly devoted to covering the information economy with open eyes," says chairman John Battelle. "That idea is still solid. I still believe." Battelle has one prospect to cling to. If his company files for Chapter 11 protection, the Standard, not IDG, will control the sale of its assets--including the name. That is small consolation in a world in which ad revenues keep sinking into the fissures of the biggest economic bust in a decade...
...rights." DIED. CLIFF HILLEGASS, 83, founder of the yellow-and-black Cliffs Notes series of study guides that saved the posteriors of legions of American high-schoolers; in Lincoln, Nebraska. Hillegass started the business in 1958 with a $4,000 loan; the firm was sold in 1999 to IDG Books Worldwide for more than $14 million. DIED. NICOS SAMPSON, 66, guerrilla leader of the 1974 Cyprus coup that triggered the Turkish invasion that cut the island in two; in Nicosia, Cyprus. An advocate of unification with Greece, Sampson fought British colonials and later Turkish Cypriots before his role...
...Chapter Four: Selling Out 1999: Cliff sells his Notes to IDG Books for $14 million...