The Industry Standard ceases publication.
  08/17/2001 10:13:22 AM MDT Albuquerque, Nm
  By Dustin D. Brand; Owner AMO

TheStandard.com has ceased publication, and is seeking a buyer.   The Industry Standard Editor in Chief Jonathan Weber said about 15 employees were in the San Francisco office working on the next edition when they learned the news. Weber said that whether to file for Chapter 11 protection was not decided yet.

  One key to the demise of TheStandard.com was it's attempt at an IPO, and to establish independence from IDG, which had involved susbtantial investments in The Idustry Standard.

  With the attempt to become independent, and a non-existant IPO option, current investors in TheStandard could not reach an agreement on how to provide further financing for The Industry Standard.

  Weber said he planned to remain with the company to "help with the next phase." At this point, the next phase could simply be a buyout, a filing for Chapter 11, or simply the disappearance of The Industry Standard alltogether.

  TheStandard.COM isn't the first internet news and print publication to go under however. Many, many others have also closed.

  On a brighter note, Weber said the Web site will continue with original content. Of 180 workers left, all but 20 will be laid off, Weber said. That's a small staff for their web-site operations, but I have no doubt Weber and his remaining team can do it together.

  "I'm very disappointed that we have to do this," he said. "I'm proud of the journalism that we've done. We've created a great magazine."

  Weber said The Standard expected to get a bridge loan to try to sell the magazine, but discussions about financing options with several parties didn't work out.   Majority investors IDG and VC group Flatiron Partners could not be reached for comment.   Launched in 1997, The Industry Standard raised $30 million in first round private-equity financing led by Flatiron Partners and Chase Capital Partners in January of 2000.

  "Are there things that, knowing what I know now, would I do differently? Of course. I think we got the big things right," he said. "We had the sort of plan that wasn't appropriate to the current climate."

  Weber, from me to you, I hope you get things right this time around - I would dislike to see The Industry Standard gone, and will certainly miss my print issues every other week.