Posted Jul 05, 2007 05:34 pm CDT
Updated: American Lawyer Media has been sold to London-based Incisive Media for about $630 million, the Wall Street Journal’s Law Blog reports.
Investment banker and lawyer Bruce Wasserstein bought the company for $200 million in 1997, the blog says. It is formally owned by U.S. Equity Partners, controlled by Wasserstein’s private equity fund, according to a press release.
American Lawyer Media, now known as ALM, owns 33 legal publications, including American Lawyer, the National Law Journal, Law.com and several local legal newspapers. The company generated about $200 million in revenues in 2006.
At least four private equity firms had been in the final round of bidding for ALM, Reuters reports. Other bidders included Avista Capital Partners, Dolan Media, Source Media and Elevation Partners, according to the London Telegraph.
William L. Pollak, president and CEO of ALM, will join Incisive Media’s board after his company is acquired. “ALM will provide a sizable platform for Incisive Media to grow in the U.S.,” he said in the press release, “and becoming part of Incisive Media will enable us to pursue a range of global opportunities that have not been fully available to us to date.”
Incisive Media, publisher of Legal Week, provides specialized business information focusing on financial services, risk management, professional services and marketing services.
Originally posted 07-05-2007 9:19 AM.