This is quite impressive. 1up has commissioned a point and click adventure style game based in the Bioshock universe, and it actually plays pretty well.
Oh boy. Looks like the sale of 1UP to Hearst hasn’t gone as smoothly as you’d expect. Rather than simply move house, it seems most of the site’s most experienced/popular writers have instead been let go.
What began as a rumour last month has now escalated into full-blown fact; Ziff Davis have officially sold the 1UP network to competitors Hearst, owners of UGO.com.
A U.S. Bankruptcy Court has OKed 1Up and EGM owner Ziff Davis’ bankruptcy reorganisation plans, the company said today, adding that it expects to emerge from Chapter 11 on July 1.
“The Court’s confirmation of our Plan is a major milestone for Ziff Davis as we look to emerge from Chapter 11 restructuring,” said Jason Young, Chief Executive Officer of Ziff Davis Media. “We are very proud of the progress we have made during our short time in Chapter 11 to become a healthier company. We remain grateful for the unwavering support of our customers, vendors and employees throughout this process and we look forward to continuing our work with all of our stakeholders after our emergence. After concluding our restructuring, we will be better positioned, with the financial strength to grow and capitalise on our strengths.”
The plan, in a nutshell, splits the $AU 452.82 million in debt between new stock and a $AU 60.84 million debt.
I’m happy to see that both 1Up and EGM survived the turmoil. Let’s hope that they both recover as stronger entities than when ZD first filed.
Back in March 1Up promised that all of that nasty business with parent company Ziff Davis’ bankruptcy would soon be behind them and that they would be a stronger publication for it.
Today, speaking at the 11th Annual Electronic Gaming Summit, Ziff Davis Media CEO Jason Young told the gathered summit members that the restructuring process will be wrapped up in June. More importantly, he noted that their $US 400 million debt will be reduced to a paltry $US 57 million, leaving them with the cash flow to invest back in their products, which includes 1Up, EGM and GameVideos.
Sounds like Simon Cox, , Vice President of Content for the 1UP network, hit the nail on the head when he said they would be bigger, better, faster, stronger when they came out of the restructuring.
Stay tuned later today for reports on talks given to this small group by Microsoft’s Jeff Bell;, analyst Michael Pachter; Tanya Giles, of MTV; and the always energetic Peter Moore.
GameTrailers TV isn’t the only outlet getting a helping of Gears of War 2 video exclusivity, as 1UP—read GameVideos—is touting its own must see clip. It’s hitting the internet at 10:30 PM Pacific Time, beating Spike TV’s programming in some time zones. 1UP makes no promises about Cliffy B face time, sadly. But double the Gears of War 2 footage will make this Friday a night full of meat cubes and zipper-straining fan-boners. You are quite welcome for the imagery! It’s the least I can do.
I was shocked today to read that long-time EGMer and guiding force Dan “Shoe” Hsu is leaving Ziff Davis Media and the 1Up Network for personal reasons. His last day will be April 25.
Shu is quick to point out that the decision was his alone and not one forced on him or dealing with any sort of lay offs, or connected in anyway to the recent news about Games for Windows. He says on his personal blog that after 11 years at the company it’s time to move on.
It’s with a heavy (and relieved) heart that I write this: I’ve tendered my resignation here at Ziff Davis Media and the 1UP Network. My last day here will be Friday, April 25.
This is my own decision; I’m not being forced out or laid off or anything like that. And this is not related to the recent news about Games for Windows: The Official Magazine (and I hope I’m not stealing any thunder away from those guys — that’s not my intention here). It’s just time for me to move on. I’ve been here, mostly with EGM, since April of 1996. That’s 11 years (taking off one year when I did a brief stint at Gamers.com)…quite a long time!
While Hsu doesn’t say where he’s headed he does that that we will hear from him again in the near future.
love the videogame business too much to stay away (plus, I’m too old to become a professional snowboarder). Besides, I will miss you guys too much. You all have been fantastic. I sincerely appreciate all the support you’ve thrown my way over the years — and that, I’ll never forget, either.
Thanks and good bye…for now.
I just hope it’s still as a writer. The game industry doesn’t need Hsu as much as we do.
Hit the jump for the official release naming Sam Kennedy as his replacement as Editorial Director for 1Up Network.