Doubledown Media, publisher of Trader Monthly and other magazines aimed at rich and aspiring Wall Street executives, shut down after a chief backer pulled its financing, according to a memo obtained by Reuters.
NEW YORK (Reuters) – Doubledown Media, publisher of Trader Monthly and other magazines aimed at rich and aspiring Wall Street executives, shut down after a chief backer pulled its financing, according to a memo obtained by Reuters.
Doubledown, which also publishes Cigar Report, Dealmaker, Corporate Leader and Private Air, lost its credit line from a bank affiliate of HSBC, President Randall Lane wrote in a memo that was obtained by Reuters on Tuesday.
As a result, Doubledown is suspending operations immediately, Lane said in the memo, which was sent on Monday.
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“I cannot begin to convey how heartbroken we are,” Lane wrote. “These are unprecedented times: the combination of the media depression, the Wall Street implosion and the credit slowdown were collectively too much for our company — probably any company in our shoes — to overcome.”
Advertisers and business partners owe Doubledown a “substantial seven-figure sum,” he wrote, “but as with everyone else, payments to us have slowed precipitously, which in turn has crippled our ability to pay our bills on time.”
To read the full article, visit reuters.com
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