Entrepenuer Media Deal Hitting Last Minute Snags: Report
This story was written by Rafat Ali.
Entrepreneur Media, the Irvine, CA-based parent of Entrepreneur magazine, has been hitting last minute snags in its deal to be sold to Austin Ventures, NYP's Keith Kelly is reporting. Earlier last month, we reported that it was being bought by AV (the majority) and another private equity firm for close to $200 million. That other PE firm is Boston-based Castanea Partners. Now NYP says the two PE firms are willing to pay up to $160 million, $120 million in cash up front and another $40 million in earnout. Jim Casella, former CEO of Reed Business Information and earlier at IDG is expected to take over Entrepreneur Media, the story says. Why the delay? "While they try to hold down their own equity outlay and risk, they have found that banks are getting increasingly skittish about issuing debt," it says. More when we find out more
By Rafat Ali