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Wow…this one blew up big time. Entrepreneur Media, the Irvine, CA-based parent of Entrepreneur magazine, has called off the sale of its company at the last second. In a memo to employees on Thursday, obtained by Folio, Entrepreneur CEO Peter Shea announced the decision not to proceed with the sale. The company was in the process of being bought by Austin Ventures and Castanea Partners for around $160 million, and we had been reporting on the process all along. The deal was supposed to be finalized this month.
Shea explained his reasoning for not going through with the sale: