Dylan Stableford of Folio writes that the sale of Entrepreneur magazine to investors appears to be dead.
Stableford writes, “In June, Austin Ventures, a Texas-based private equity firm, was reported to be close to a deal worth close to that number. The companies were in a due diligence phase, and a deal was set to be finalized in mid- to late-July.
“But in an memo to employees Thursday, Entrepreneur CEO Peter Shea announced the decision not to proceed with the sale.
“‘There are several reasons for this,’ Shea wrote. ‘One being that I decided that I am not ready to retire, another reason being that the debt market has made it a very difficult market for [buyout] funds to raise debt financing at a reasonable multiple and percentage rate.'”
Read more here.