Publishing company files bankruptcy as readers turn to internet

magazine rackAs more and more readers are turning to the internet to get their news and entertainment, magazine publishers are hurting for revenues.  Source Home Entertainment, LLC based in Bonita Springs, Florida filed for Chapter 11 protection in Delaware reporting just over $200 million in assets and right below $300 million in debts.  According to a company official, the bankruptcy filing stems from “the continuing fundamental technological shift away from traditional consumption of print media.”

For the full story read, “Source Home Files Bankruptcy as Readers Turn to Web.”

Image Credit:  Ken Hawkins