I would have gone back and forth about it, too, but I think you did the right thing for two major reasons:
This is your passion and your community. I’m putting words in your mouth, but I’m guessing that’s the case by how much you’ve invested of yourself into all these projects and your thousands of blog posts. You would have remained involved for a while, sure, but “selling out” inherently changes the way you’re viewed and the way you would interact with readers. And ultimately, I bet you might have felt a bit empty at the end of the day, even with a fat paycheck.
Earn-outs and incentives suck. I probably would have taken the deal if that million bucks were up front, but going from working for yourself to working for someone else is not an easy transition, especially when you feel like you have to stick it out in order to collect the rest of the purchase price. I’m sure your prospective buyers are lovely people, but the working dynamic also changes when the deal is closed and ROI targets need to be hit.