It was announced today that Penton Media, publisher of AV trade books Mix Magazine, Sound & Video Contractor (S&VC), and millimeter, has filed for Chapter 11 restructuring to rid itself of $270 million of debt . Penton owns many online and printed magazine properties. The aforementioned pubs are part of a much larger corporate structure that covers market segments as diverse as agriculture, automotive, commercial aviation, and wealth management.
The good news is that, according to the announcement, there will be no layoffs and day-to-day operations will continue as normal.Penton expects to exit the planned restructuring in 30-45 days.
I’m a believer in the phrase “A rising tide carries all boats.” And although I write for publications that compete with Penton books, I’d like to see everyone return to profitability. No doubt, the economy over the past two years have challenged us all and made us think about our businesses differently. Hopefully Penton will emerge from this bump stronger than ever.