- American Lawyer parent is sold
Bruce Wasserstein is getting out of law publishing - and, as you might expect, he's making a good deal of money in the process. Wasserstein, who is chairman of Lazard Ltd., has agreed to sell American Lawyer magazine and the 32 other legal and real estate titles that are part of the ALM operation. U.K.-based Incisive Media is buying ALM for $630 million. This all gets a little complicated because ALM was formed by U.S. Equity Partners, a private-equity fund sponsored by Wasserstein & Co (yeah, it's owned by Bruce Wasserstein). In 1997, he paid $63 million for American Lawyer and $200 million for National Law Publishing Co. to form ALM, so the $630 million all-cash deal should provide a nice return. So who is Incisive Media? Well, it has Legal Week, Investment Week and Accountancy Age, and it's owned by the London-based private equity firm Apax. (Bloomberg)
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| 08:49 AM Jul 5, 2007 | Email the Daily Dragon | Email this Article | Post Comments |
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