Austin Ventures to Acquire Entrepreneur
Texas-based private equity group said to be lead buyer.
Texas private equity firm Austin Ventures is the primary private equity player in negotiations to acquire Irvine, California-based Entrepreneur Media, publisher of Entrepreneur magazine.
The buyer was first reported by paidcontent.org. A source confirmed to FOLIO: Friday that Austin Ventures is indeed the buyer, and that the sale price will be close to the $200 million Entrepreneur was seeking in the deal.
Entrepreneur president Neil Perlman did not immediately return a request for comment. A spokesperson for Austin Ventures declined to comment on pending deals.
Yesterday, FOLIO: reported that Entrepreneur Media had completed the final bidding stage of its acquisition and has moved to the due diligence phase of the process with a Boston-based private equity group which, according to paidContent, is the subordinate buyer. The deal could be finalized as early as mid- to late-July.
Executive editors Maria Valdez Haubrich and Karen Axelton have resigned, FOLIO: reported yesterday. The resignations follow the departure of longtime editor Rieva Lesonsky. Earlier this week, former WiesnerMedia business development vice president Amy Cosper was named as Lesonskyâ€™s replacement.