The Reader's Digest Association, whose U.S. arm sought bankruptcy protection last month, is looking to overhaul its global online activities to attract a younger audience, the Financial Times reported Monday.

"As a publishing company, there's an inherent expectation that the Web site should be a companion to the magazine," Online Manager Jonathan Hills told Audience Marketplace Development in July. "We've pushed the idea that in order to grow we need to create our own identity online. That doesn't mean we have to be a completely different entity but we need some freedom to not replicate the magazine on the Web. That's never going to produce any kind of growth for us or anyone else."

Since Hills joined readersdigest.com in January, the site has posted record-breaking traffic and revenue. Unique visitors were up 82 percent to 2.5 million and total page views climbed 102 percent to 12 million versus last year. Digital advertising revenues are up by over 60 percent with more than 40 new advertisers, which include brands such as Proctor & Gamble, Campbell's, Unilever and Frito Lay.

Meanwhile, on August 24, The Reader's Digest Association, Inc. (RDA) filed voluntary, pre-arranged petitions for reorganisation under Chapter 11 of the United States Bankruptcy Code, RDA President and CEO Mary Berner said in an online statement. The move, which applies only to RDA's U.S. businesses, garnered a commitment of $150 million in new debtor-in-possession (DIP) financing from RDA's senior lender group, which is convertible into exit financing upon emergence.

Reader's Digest, which bills itself as something of a lifestyle magazine, repackages news features from other media sources and has historically been the best-selling print magazine in America and the world, with a circulation of more than eight million, according to Business Insider. It also contains unique content and sections.