In order to implement the restructuring and permanently improve its capital structure, Ziff Davis and certain of its affiliates today elected to file Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of New York (the "Court"). The Company intends to implement the restructuring through a pre-arranged plan of reorganization that the Company shortly intends to file. The Company intends to seek Court approval of the pre-arranged plan as soon as possible. Ziff Davis expects operations to continue as usual during the reorganization process and expects to emerge from Chapter 11 this summer.