Friday’s “We got sold” memo from Felix to all Dennis employees:
Today we announce that Dennis Publishing Inc will be acquired by Quadrangle Capital Partners, a leading private equity firm and Kent Brownridge, who many of you will know from his days at Wenner Media. The transaction includes our magazines Maxim, Blender and Stuff with their websites, but not The Week, which will continue to be published by me and my partners. A copy of the press release that we are issuing immediately is attached.
Between now and the closing of the deal, which should take place no later than September, business will continue as usual. At the closing Mr. Brownridge will assume the role of Chief Executive Officer of the Company and Stephen Colvin will step down and leave the Company. I want to take this opportunity to thank Stephen for all the hard work and commitment over the past 10 years that has made our Company and its magazines what they are today.
I know that many of you will have questions about what today’s announcement will mean. We are in the early stages of this process so we do not have all the answers. However, I can assure you that we will make the best possible effort to keep you informed as we move forward.
I want to thank all of you for your patience, hard work and dedication to the Company through this difficult process. I appreciate the important contribution that each of you makes every day and ask for your continued commitment. As always, we rely on you to remain focused on your day-to-day jobs to ensure that we continue to publish the extraordinary magazines and websites that our readers expect.
Thank you very much.