Cygnus Sale Looming?
Talk abounds about potential buyer, process moving toward due diligence.
07/02/2008 -15:47 PM
Rumors have been swirling about the potential sale of Cygnus Business Media since co-CEOs Tony O’Brien and Carr Davis [pictured], in an interview with FOLIO: last month, indicated that the company is exploring a sale.
According to three sources contacted by FOLIO:, the Cygnus corporate management team was in New York for about a week recently, most likely meeting with prospective buyers. Now, sources say a buyer has stepped up and that (as early as today) Cygnus is moving toward the due diligence phase of negotiations.
Is the buyer from private equity or another publisher? So far, I haven’t been able to substantiate the rumors.
A Cygnus spokesperson declined to comment other than to point out that Davis already has said that the company has been approached with inquiries and is exploring “a process.” Cygnus went on the block in 2006 but subsequently pulled off the market that year.
It will be interesting to see how this turns out—and what sort of return owner ABRY Partners will see.
Check back to foliomag.com for more on this developing story.
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