Entrepreneur CEO’s Memo: ‘I Have Made the Decision Not to Proceed with the Sale’
Debt market conditions cited; Shea says he’s not ready to retire.
Yesterday, Entrepreneur CEO Peter Shea announced the sale of Entrepreneur Media was all but dead. Here’s his memo to staffers:
To All Entrepreneur Employees:
I have made the decision not to proceed with the sale of Entrepreneur Media. There are several reasons for this; 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 buy out funds to raise debt financing at a reasonable multiple and percentage rate. I would like to point out several things however; the proposed sale of Entrepreneur Media was only contemplated because of a very good offer, not because the company is in any trouble. In fact, we are debt free and have been for the past 5 years. We are a profitable company and we will remain so in a very difficult time for the publishing business in general. We expect continuous profitable growth this year. We look forward to continuing this growth trend and will make changes where necessary to continue this trend for the health of the company and its employees. We look forward to a new and exciting era in our editorial department both in print and online with the addition of our new VP, Editor-in-Chief Amy Cosper.
I look forward to the future for the continued growth and success of Entrepreneur and the health of all our employees.
Peter J. Shea