Magazine Company for Wall Street Pricks Is Dead

Last March, the NYT noted how well rich guy-targeted publisher Doubledown Media was doing: "Trader Monthly and similar publications do not need to worry 'until their readers give up their private planes.'" That happened!

Alas, Doubledown Media has shut itself down. It ran out of money. Its bank cut off its credit line. From president Randall Lane's email to staffers last night:

We are owed a substantial seven-figure sum by various advertisers and business partners, but as with everyone else in media, payments to us have slowed precipitously, which is turn has crippled our ability to pay our bills on time. This slowdown also led to the bank's decision not to continue to fund the working capital.

This was inevitable. Probably no other media company embodied the boom and bust quite so well. Doubledown had put itself up for sale last week, but no high-flying trader swooped in to save them. No more feuds with Wall Street loudmouths for Randall Lane.

Of course the magazine employees, who are normal people (presumably), get screwed worst of all here. That sucks. But Trader Monthly itself, well... bye. [Folio]

Magazine Company for Wall Street Pricks Is Dead