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Entrepreneur sale scuttled

Published on .

Irvine, Calif.—The pending sale of Entrepreneur Media to Austin Ventures and Castanea Partners, reportedly for $160 million, has been scuttled, according to various media sources.

The culprit appears to be the difficult state of the debt market. In a memo to Entrepreneur employees, Peter J. Shea, chairman-CEO of Entrepreneur Media wrote, “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 buyout funds to raise debt financing at a reasonable multiple and percentage rate.”

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