• Apr 28, 2009
Source Interlink, the mega-publishing firm that owns Automobile, Motor Trend, Hot Rod and dozens of other enthusiast print and web titles, filed for Chapter 11 bankruptcy protection in a Wilmington, Delaware court yesterday. According to the filing, Source Interlink has a listed debt of $1.9 billion and assets amounting to $2.4 billion, and in a statement from Greg Mays, Source's CEO said "This restructuring will materially reduce our interest expense and debt levels."
The filing comes at a time when first quarter advertising revenue in magazines has plummeted by 20% compared to last year, and the pinch began to be felt by enthusiasts late in 2008 when Source Interlink killed off Sport Compact Car and Turbo and High Tech Performance, two of the company's most respected – although recently unprofitable – titles. It's unclear how the restructuring will affect the 75 publications, 90 websites and other media outlets under the Source Interlink banner, but it's safe to assume that more titles will likely be dropped, consolidated, or otherwise restructured in the future as the company attempts to right a ship that's been sinking for the last few years.

[Source: Bloomberg]

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    • 1 Second Ago
      • 5 Years Ago
      I stopped buying when they decided to sell their souls to the foreign manufacturers. I bought Motor Trend for over 20 years and finally decided to drop my subscription before it expired, it was just too rough on my blood pressure. The constant orgasm between Toyota and the Auto rags was just more than this American could stand or tolerate. Goodbye, is about all I can say, Charmin is a better choice.
      • 5 Years Ago
      Hot Rod is awesome. Especially now that Frieburger is back, missed him the whole time. The editors at Car Craft are great at the snide remarks all over the magazine. Two great mags, I hope they stay.

      All the others can die for all I care. They don't have an objective bone in their body, and like someone said they finish with a politicians answer. Meaning saying alot without a straight answer.
        • 5 Years Ago
        I've always been a fan of Frieburger, it's strange to say but I think he's my favorite Editor in Chief of auto-rags. I remember when he was working at Petersons 4wheel&Off Road.
      • 5 Years Ago
      Motor Trend has been pretty lame for quite some time now. I now take the digital editions of C/D and R&T, and it's still taking some getting used to (but at least my wife doesn't bug me to throw them out or give them away).
      • 5 Years Ago
      That might explain why "Motor Tren en Español" dissapeared from the newstands some months ago, at least in Chile. I wasn't buying it since it had become partially "Made in Mexico", though, but I still miss it.
      • 5 Years Ago
      Sad news, but predictable. I renewed both C&D and Automobile a few months back and I'll miss the hell out of them.

      Free be damned, seriously, does *anyone* prefer reading a road test online over holding a magazine in your hands?

      • 5 Years Ago
      Automobile still has great photography. Ezra is also a great writer. However I do miss David and Jennings.
      • 5 Years Ago
      What? No Government bailout?
      • 5 Years Ago
      The only subscription that I keep is for CAR magazine. Their in depth reviews and cheeky commentary are worth the price of a subscription. I gave up on the American rags a long time ago.
      • 5 Years Ago
      OH no not Hot Rod.

      Funny thing is Hot Rod has actually has gotten BETTER over the last few years, IMO.
      • 5 Years Ago
      And another one about to go CH 11? Or is it just gross arrogance?

      Its April, I'm looking at a C&D renewal notice - "We need your instructions (not put in words but the only option when replying, AND my payment) at once!". My subscription does not expire until FEB 2010!

      This is offensive to the point of saying "You will get my instructions when you pry them from my cold dead hands".
      • 5 Years Ago
      I stopped my subscriptions to Motor Trend and Autoweek last year when I started reading autoblog.
      • 5 Years Ago
      I wonder if another company might be interested to buy some of Interlink publications? Just imagine what if Hachette, current publisher of Car & Driver, Road & Track buy Interlink?....
        • 5 Years Ago
        I don't see them doing that. Initially it was Primedia buying up all the automotive titles, then they took them all and sold them in bulk to Source Interlink. I think one of the main reasons Road and Track and Car and Driver have continued to do not as badly as the rest is because the company stayed focused instead of trying to offer three titles to every possible consumer. For reference, in addition to the late Sport Compact Car and Turbo, Source Interlink also has Modified Magazine, Super Street, Import Tuner, and I'm sure there's some other import magazine I'm missing. I'm not sure which ones are still around but when Primedia owned the magazines someone who owned a late 80s Mustang would have about 10 titles that could feature tech about their cars.

        I'm just glad I have my 10 year subscription to Grassroots Motorsports and occasionally I'll grab some other publication off the newsstand for leisure reading.
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