It is with trepidation — and a stubbornly persistent sense of hope — that we report that a group of California venture capitalists have bought my alma mater, Defense News, as well as Army, Navy, Air Force and Marine Corps Times and Federal Times. They also laid off several top people there.
Vago Muradian, host of Defense News TV and my successor as editor at the paper, has been laid off, according to my sources. He was not alone. Defense News’ Managing Editor Dave Gustafson, longtime Deputy Editor Greg Couteau and business reporter Andrew Clevenger were let go. The CEO of Sightline Media Group, Mark Flinn, and the VP for Defense News, Kate Tapplett, were let go, along with most of the information technology support people and the secretaries. Right now, it looks as if about 15 people are being let go.
Four sources have provided details of the deal and I received a copy of an announcement prepared for release, but I haven’t seen an official statement yet.
What does this mean? it’s awfully hard to tell this early. The buyer, Regent Equity Group, has a fabulously thin online presence. Here’s the only information on their website, aside from two locations:
“Regent Equity Partners (“Regent”) is a multi-sector private equity firm focused on event driven transactions where capital solutions are required on a certain and often accelerated basis.
Read more at Breaking Defense
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