Demand Media Held Talks to Go Private: Report
NEW YORK (TheStreet) -- Demand Media(DMD) held talks with private equity firm Thomas H. Lee Partners about taking the company private, according to a published media report.
But Demand decided to stop pursuing a deal this past week, according to the report, which was published Saturday by All Things D and which cited sources familiar with the situation.
|Demand Media's CEO Richard Rosenblatt.|
Thomas H. Lee Partners was aggressively attempting to take the online content company private for a price as high as $1.2 billion, about twice Demand Media's current market cap, the report said.
But complications arose related to the deal's financing and Demand's ability to retain executives, the report added.
Both Thomas H. Lee Partners and Demand declined to comment, according to the report.
Shares of Demand Media closed Friday up 26 cents at $7.25, less than half their $17 January 2011 initial public offering price.