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Technology Magazine Upside Folds

October 8, 2002

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SAN FRANCISCO (AP) _ Upside magazine, a longtime chronicler of the business of technology, has become the latest casualty of the downturn in technology and advertising.

Upside’s parent, San Francisco-based UMAC, told the magazine’s 75 employees that the magazine would close immediately, New York editor Eriq Gardner said Monday.

The magazine said it has a circulation of more than 300,000. It was founded in 1989 and was known for its caricatures of technology leaders. But last year, MCG Capital, the magazine’s lender, foreclosed on Upside.

Another technology magazine, Red Herring, said Monday that it was reorganizing under RHC Media, a new owner. The company, which also says it has a circulation greater than 300,000, plans to continue publishing monthly, and to keep its name, logo and staff of 35.

Red Herring, founded in 1993, reorganized to get out of an expensive lease on its headquarters in San Francisco. The company’s original parent, Red Herring Communications, sold its assets to RHC media, absolving its debts.

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