Chapter 7 Marks End of Ascends Media Sell-Off
Ascend Media Holdings, a publisher of trade magazines, newsletters and custom marketing materials, is filing for Chapter 7 bankruptcy after a long period of divestment.
Foliomag.com reports the filing, which comes in the face of more than $15 million in debt and about $25,000 in assets.
This is the last move for a company that was bringng in $150 million in annual revenue a few years ago. But the acquisitions that helped them grow to that size put Ascend in a large debt hole. Their 2004 purchase of Medical World Communications cost $130 million.
Much of Ascend’s business was centered on health care related publications, including magazines, newsletters and custom publications. Some of these pieces have been sold off over the last two years. The event and custom media division was purchased by a former Ascend CEO, who took part of the name and started a new venture.
Other products sold off before the bankruptcy include:
- Professional services division, including 17 publications
- Expo magazine
- Dental group, featuring four publications
- Ascend Health publishing division
Ascend is based in Kansas City.