An investor consortium led by Wasserstein & Co. has purchased the parent company of American Lawyer magazine for an undisclosed amount, reports Michael de la Merced of the New York Times.
De la Merced writes, “Terms aren’t expected to be disclosed, but a person briefed on the matter said the price was about $417 million. Apax’s Incisive Media bought the publisher in 2007 for $630 million.
“The deal will give Wasserstein & Company, the investment vehicle of the late deal maker Bruce Wasserstein, control of a company that it created. Under the guidance of Mr. Wasserstein, who began his Wall Street career as a corporate lawyer, the financial firm cobbled together an array of legal publications and services that became a big part of the legal economy.
“In the summer of 2007, Wasserstein & Company sold ALM Media to Incisive, a London-based trade magazine publisher, at the top of the market. The financial crisis and the ensuing economic downturn hit the newly enlarged media company hard, and a reorganization split ALM from Incisive.
“Apax retained a 51 percent stake in the American legal publisher, while creditors led by the Royal Bank of Scotland took the rest of the company, as well as all of Incisive. Earlier this year year, Apax and R.B.S. retained advisers to begin shopping around ALM Media, even as the company cut costs through layoffs and other measures.”
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