Irvine-based Entrepreneur Media Inc., publisher of Entrepreneur magazine, is being bought by two private equity firms, according to a report Friday.
Austin Ventures and a Boston private equity firm are buying Entrepreneur Media for less than $200 million, in the lower range of what the company was expecting, according to a report on Santa Monica-based ContentNext Media Inc.’s PaidContent.org Web site.
PaidContent.org said Austin Ventures is the lead buyer and didn’t disclose the name of the Boston firm.
The deal is expected to wrap up in late July.
Dow Jones, USA Today and R.H. Donnelly were said to be other bidders.
The company, which is estimated to have some $60 million in yearly revenue, is best known for Entrepreneur magazine, which focuses on small businesses and has a monthly paid circulation of about 600,000.
Peter Shea bought a majority stake in Entrepreneur magazine in the late 1980s and is the sole owner, chairman and chief executive today.
The company has seen recent turnover lately. It’s lost some senior editorial and executive staff.
