Source Interlink Cos., the publisher of Motor Trend, Hot Rod and Street Chopper magazines controlled by billionaire Ron Burkle’s Yucaipa Cos., sought bankruptcy protection as it moves to become a private company.
U.S. magazine advertising revenue in the first quarter fell 20 percent from a year earlier, according to the Publisher’s Information Bureau, an industry group. U.S. auto sales tumbled 37 percent in March. Source Interlink hasn’t reported a profit since the second quarter of 2007.
The Spies have heard from reliable sources that GM owes the major mags multi-millions of dollars in past due ad invoices, so get ready for some 'Future Shock' if the payments aren't made.
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