Ongoing sales talks with Dubai-based media firm Lovin Dubai have collapsed, according to an email seen by Arabian Business.
The firm had apparently been seeking to sell to a “rival media company” as it faces “challenges and hurdles,” founder Richard Fitzgerald wrote in the email which was sent to the staff of Augustus Media, the owner of Lovin Dubai.
“Today we turned down an offer … the negotiations were respectful and they were very considerate in their approach,” the email said.
Fitzgerald explained that he “might have been tempted to cash out. But, I’m not in this to get rich.”
On the challenges the company is currently facing, the founder stated that he hopes to “get past them stronger … with any wounds healed.”
Lovin Dubai was launched in 2015, and experienced a significant increase in traffic following its acquisition of the social media channels of defunct UAE newspaper 7DAYS.
In the email, Fitzgerald admits that the deal would have “ultimately ended” Augustus Media.
“Please keep this information within the company for now,” he ended the email with.
In addition to Lovin Dubai, Augustus Media also owns similar brands in other cities across the Middle East and Smashi, a digital streaming service.
Fitzgerald has been reached for a comment.
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