Deal on Spin Magazine's Sale Falls Through When Purchaser Fails to Make Payment

In a surprising turn of events, Airtab's planned acquisition of the iconic music magazine Spin has fallen through. The Florida-based events platform had been in negotiations with venture capital firm Next Management Partners, the current owners of Spin, for a deal that had been ongoing for eight months.

According to Dennis Cunningham, the CEO of Airtab, the deal was close to being finalised, with a 1,200-word embargoed deal announcement ready to be released. However, the wire transfer to seal the deal did not go through, leaving both parties in a state of uncertainty.

The deal's collapse was communicated to Spin staffers on Tuesday, leaving them in a state of shock. Jimmy Hutcheson, the CEO of Spin, described the situation as baffling, especially considering that Airtab had shown up to the deal close without sending the necessary funds, aside from a legal deposit.

The deal's failure marks another chapter in Spin's tumultuous history. Over the past decade, the magazine has been through three owners. Spin was not for sale at the time of the initial overture, according to Hutcheson.

Despite the setback, Hutcheson remains optimistic about the future. He stated that Spin will evaluate opportunities for sale if a qualified buyer comes along. In the meantime, the magazine will continue to focus on its editorial coverage, local events, and high-profile live shows, including a major concert that was planned for the magazine.

Bob Guccione Jr., the editor of Spin, expressed his disappointment but remained hopeful about the future. He reaffirmed the magazine's commitment to delivering quality content to its readers.

The name of the seller-founder of Airtab who prevented the sale of Spin Magazine remains undisclosed. However, it is clear that this is not the end of the road for either party. Both Airtab and Spin will continue to make waves in their respective industries, hoping for a brighter future ahead.