Ziff Davis extends deal w/banks; objects to "WSJ" story

Business Publisher, March 16, 2002

Ziff Davis Media (New York) said that it has successfully extended its forbearance agreement with respect to its senior credit facility. The agreement, due to expire on March 15, was extended to June 28, 2002. The company also said it continues to search for alternative ways to recapitalize its long-term debt. (see chart p. 5)

Also, Ziff Davis said that reports, including from the "Wall Street Journal" and in a press release from the Hewlett Family Trust, that it had suppressed the results of a research report under pressure from Hewlett-Packard are incorrect. The report in question, released in February, focuses on IT buyers' perception of the proposed merger of Hewlett-Packard with Compaq. Ziff said the Hewlett-Packard neither commissioned the study nor suppressed its results.