Spin Magazine Sale Collapses as Last-Minute Deal Talks Fail

A planned sale of the iconic music publication Spin Magazine has fallen through. The deal with events platform Airtab collapsed at the last minute. The transaction was supposed to close this week after eight months of negotiations. Staff were informed of the failed deal on Tuesday.

The buyer, Airtab, did not send the final wire transfer to complete the acquisition. This unexpected move left Spin’s current ownership baffled. According to The Hollywood Reporter, both sides had already spent significant funds on legal fees.

Ambitious Growth Plans Scrapped After Deal Fails

Airtab had outlined major plans for the music magazine. CEO Dennis Cunningham promised to increase its publishing frequency. He planned to boost circulation numbers dramatically. Staffing levels were also expected to grow under the new ownership.

A major 40th-anniversary concert was planned for Miami. The event was slated for Hard Rock Stadium this December. All these initiatives are now on hold indefinitely following the deal’s collapse.

Uncertain Future for a Music Media Icon

Spin’s current CEO, Jimmy Hutcheson, called the situation confusing. He confirmed the brand is now open to other qualified buyers. The magazine has changed hands multiple times over the past decade. Its current owner is venture capital firm Next Management Partners.

The publisher has worked to diversify its revenue streams recently. This includes licensing deals and branded merchandise. Hutcheson stated the company grew its revenue significantly by focusing on these areas beyond digital advertising.

The failed Spin Magazine sale highlights the volatile nature of media acquisitions. The iconic brand’s future now depends on finding a new, serious buyer.

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Who was trying to buy Spin Magazine?

Florida-based events platform Airtab was the prospective buyer. The company’s CEO, Dennis Cunningham, had initiated the acquisition process eight months prior.

Why did the Spin Magazine sale fall through?

The deal collapsed because Airtab did not send the final wire transfer to close the acquisition. Spin’s management expressed confusion over the last-minute failure.

What plans did Airtab have for Spin?

Airtab planned to make Spin a monthly publication and significantly increase its circulation. They also planned a large concert in Miami and aimed to expand the editorial staff.

What is next for Spin Magazine?

Spin’s current ownership says it will evaluate opportunities from other qualified buyers. The company will continue its current operations under Next Management Partners for now.

How has Spin performed recently?

Under its current ownership, Spin has focused on branding and licensing deals. The company reports a 17x growth in revenue by moving beyond traditional digital advertising.