Keith Kelly of the New York Post reports Wednesday that the sale of Entrepreneur magazine has hit a few speed bumps after asking for $200 million as a sales price.
Kelly writes, “The rationale for the price was that the late Bernie Goldhirsch got $200 million when he sold Inc. magazine in 2000, and Shea is said to have always looked at that as the benchmark for his magazine.
“But that was a different era.
“Despite defection of key staffers and at least one legal challenge over the name, Shea still managed to attract a joint bid from Austin Ventures in New York and Boston-based Castanea Partners.
“A source said that they are willing to pay up to $160 million in the form of $120 million in cash up front and another $40 million to be paid if the company hits certain performance levels.”
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