Cygnus Business Media, the B2B media publisher which took the unusual step of spreading the word around about it being on the block through a trade pub, has used it again to signal they are off the block now, at least in the process of being. Folio reports that the due diligence phase is complete and a verbal agreement has been reached between media PE firm Wasserstein & Co. and Cygnus-owners ABRY Partners on the deal, expected to close before the end of the month.
Cygnus has about 60 magazines and websites, and generates about $120 million in annual revenue…and were reportedly asking for $200 million to $240 million, or about 8x estimated EBITDA, the Folio story says.
This is not the first time Cygnus has been on the block, and not the first time the two PE firms have sold companies to each other. ABRY sold off Penton Media to Wasserstein in 2006…Wasserstein also owns The Deal Media, New York Magazine and others.