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Reader's Digest Pub. Files Bankruptcy

More bad news in the publishing world. In an attempt to cut $465 million in debt, RDA Holding Co., which publishes 91-year-old Reader's Digest magazine, filed for bankruptcy Monday. The company hopes to recalibrate its business on digital rather than newsstand sales. RDA bought the magazine in 2007 for $1.6 billion and acquired about $800 million in debt and filed for bankruptcy once before.