Former technology publishing power house, Ziff Davis Media, announced that it has filed Chapter 11 bankruptcy protection in the Southern District of New York Bankruptcy Court. With the growth of the Internet as a source for lightning fast news and reviews, traditional technology magazines have been taking a beating over the past couple of years as companies such as Ziff Davis have attempted to adapt to the changing market.

According to documents filed with the Court the company has reached agreements with the majority of its senior creditors, but was unable to come to terms with junior creditors. The company has roughly $500 million in liabilities and about $313 million in assets.

The company plans to reorganize and currently does not think it will have to cut the any of its 266 employees. The company is hopeful that it will complete the reorganization and emerge from Bankruptcy protection by the summer of 2008. Ziff Davis is publishers of the Electronic Gaming Monthly, as well as PC Magazine, and the popular technology Web site, Extreme Tech.