Categories: OLD Media Moves

Executive editors have left Entrepreneur

Jason Fell of Folio reports that executive editors Maria Valdez Haubrich and Karen Axelton have left Entrepreneur magazine in the wake of the hiring of a new editor.

Fell writes, “These exits come as Entrepreneur Media is said to have completed the final bidding stage of its acquisition and has moved to the due diligence phase with a Boston-based private equity firm, sources who are familiar with the process tell FOLIO:. Talks have slowed recently, according to the sources, due to the recent departures and challenges in the financing market. As long as the talks continue, sources say the deal could be finalized as early as mid- to late-July.

“Entrepreneur went to market in February with the first round of bids having come in April. The asking price reportedly is $200 million—translating to a multiple three times revenue, since Entrepreneur Media is about a $60 million company. Financial-services firm A.G. Edwards as well as Dow Jones, R.H. Donnelley and USA Today were said to have interest in acquiring the company.

“Entrepreneur’s first quarter ad revenues were $25.4 million, down about 6 percent from the same period in 2007, according to Publishers Information Bureau figures. Ad pages were down 7.2 percent.”

Read more here.

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  • R.H. Donnelley? You have to be kidding... their stock is in the dumper after its fall in March, the company is already saddled with a great deal of debt (much of it from its acquisition of Dex Media) and they haven't finished digesting their most recent meal, Business.com. What do they plan on offering as payment? A stack of phone books and an IOU? Their highly touted 'cash flows"? They've already cancelled the dividend that shareholders were promised last year - I wasn't aware that they were so flush that they can now buy another comapny and yet leave their shareholders out in the cold. Anyone with a pulse can look at their financials and see they don't have the funds and I doubt they could get anyone to extend them the credit to take over yet another company when they're doing such a poor job of managing the ones that they've already purchased. R.H. Donnelley's executives need to have the credit cards taken away from them, the same way that one would take them from an irresponsible teenager who has racked up too many visits to Hot Topic and the Gap.

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