When The Checks Stop Coming In: Reader’s Digest Is On The Ropes!

- By Bossip Staff Categories: News, When The Checks Stop Coming In

Readers Digest cover

Reader’s Digest has just hit the wall and the creditors have knocked on the door:

The debt-strapped publisher of Reader’s Digest magazine, one of the country’s largest consumer magazines by circulation, has agreed to file for…

… bankruptcy protection with its borrowings cut by 75%, as another failure emerged from the recent wave of media-industry buyouts. The agreement will turn over control of Reader’s Digest Association to the company’s lenders. The lenders, led by J.P. Morgan Chase, also include GE Capital, Aries Management, Merrill Lynch, Eaton Vance, Regiment Capital and DK Partners. Private-equity firm Ripplewood Holdings, which led a $1.6 billion buyout of Reader’s Digest in 2007, will give up its stake, the company said.

Times are hard for one of the oldest subscriber magazines in the world. SMH

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Comments

  • http://BOSSIP Hannibals Dad

    FIRST BEOCH !

  • http://BOSSIP Hannibals Dad

    DAMN, I KNOW THAT WAS HARD TO DIGEST.

  • Nique

    DAMN DAMN DAMN!!! What will I read now when Im taking a #2???????

  • sev

    DAMM U SHOULD SUBSCRIBE TO IT YOU KNOW DAMM WELL U NEED TO READ MORE LOL

  • http://stewartsynopsis.com/Site%20Index.htm We "Blacks" Are The REAL Hebrew Israelites

    Damn! I always take the old issues from my Grandmas house. I keep them in my bathroom and my car. They make great reads and I love the informative snippets. That’s really too bad!

  • leonard mckelvey

    Reader’s digest should go out of business it’s as old as the dinosaur.

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