Standard Media Auction Raises $1.4 Million
In another first for the industry, The Industry Standard is reporting on its own liquidation. A bankruptcy auction was held yesterday to dispose of the assets of Standard Media, the holding company for The Industry Standard print magazine and Web Site. AOL Time Warner paid $500 thousand and assumed liabilities to obtain the magazine's paid subscriber list. IDG, the main investor in Standard Media, paid $900 thousand to retain control of the Web Site, technology and intellectual property, trademarks, as well as the newsletter and conference operations businesses.
IDG did not comment on whether it intended to continue to operate the Web Site, restart the print magazine, or resurrect the conference business.