August 04, 2003
Don Katz wins: Audible gets...
Don Katz wins: Audible gets $6 million, free of Microsoft
I've been working with Audible Inc. for years, since the founder, Don Katz, had a business plan draft and needed feedback. I still work with them, on developing new business. At one point, he took a prefferred investment from Microsoft that became difficult to manage, to say the least, because it fairly tied any major decision (that is, non day-to-day management questions) to, at minimum, assent from Redmond. It wasn't all bad, because Microsoft does good things for its portfolio companies, but it severely restricted Audible's options.
Today, Don is free of that, having negotiated a deal that removes Microsoft's preferred shares and brings Bertelsmann into the company with a strong financial partner. The company has cash and a growing business. Don, a bestselling author, has proved he's the guy who can take a dream and turn it into reality as a business, come hell or high barriers.
