Doug Wilson and Canon Press sent a letter of intent (LOI) to Christianity Today to acquire the assets of the 501c3 nonprofit. The LOI specified a $10 million valuation where Canon Press would acquire the real estate and brand of Christianity Today.
Mike Cosper would go on to attack Canon Press as liars:
Lots of hate flowing CT’s way this week, because of this absolute joke of an attempt to “buy” CT (a non-profit, so whom they expect to buy it from is a mystery) from Canon Press, from whom we have no evidence they have the capital to actually fulfill the offer they made in writing. (Social scientists call this sort of behavior “lying” by the way, not that any of their drooling, ghoulish fanboys / cheerleaders care one way or another.)
Cosper has apparently never heard of the Small Business Administration, which finances acquisitions up to $5 million, and this is not weighing in on what other access to capital Canon Press has.
But underlying the story is a debate about the health of Christianity Today. Past filings have shown that the liberal magazine relies far more on grant money than subscription revenue while carrying exorbitant salaries for its executives.
But there have been reports of layoffs as shown by this screenshot shared by Megan Basham.
Christianity Today staffers are open to work and doing the LinkedIn humiliation ritual, but the fact that a Christianity Today manager is boosting the former employee’s job search gives a strong indication of multiple layoffs.
Doug Wilson and ND Wilson insist that this story is not over, and the dubious financial health of Christianity Today might be a smoldering log in this fire.
