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Industry Standard to close
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August 16, 2001: 6:46 p.m. ET
Once high-flying magazine to shut down as IDG and other backers pull out
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NEW YORK (CNNfn) - Once highflying Internet magazine Industry Standard will be shutting down, as the magazine's financial backers have pulled out, company insiders told CNN.
Standard Media Group, publishers of the magazine, is closing. Offices for the Industry Standard have also been closed this week, a person familiar with the situation told CNNfn.com. However, a backer could still appear and the publication could open back up, the source said.
Boston-based International Data Group, the magazine's largest shareholder, had made a verbal commitment earlier this year to fund the Industry Standard for a year but pulled out, the person said.
The magazine was known for excess, holding weekly high-profile rooftop parties at its San Francisco headquarters and paying large salaries to its editorial staff. "The Standard had been earning money but burned through it. They had executive editors earning in the six figures," the person said.
Staffers are on a company-wide break this week with calls to the firm going unanswered with voicemails saying, "We are on a company wide summer vacation."
The company's backers are considering filing for Chapter 11 bankruptcy protection, the Wall Street Journal Web site said Thursday. A much shorter version of the magazine focusing on the "new economy" will likely continue on the Web, the WSJ.com said.
An announcement was planned for Monday but could come as early as Friday, WSJ.com added.
IDG could not be reached for comment. 
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Industry Standard
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