Looks like ALM (American Lawyer Media) -- the company that owns the Daily Business Reviews -- is going up on the chopping block. The company, which caters mostly to the legal crowd and is known to produce outstanding journalism, consists of 19 magazines, including flagship The American Lawyer, and 14 newspapers, including three DBR editions in South Florida.
Here's the full press release from the firm that owns ALM:
Wasserstein & Co., LP Retains Credit Suisse to Explore Strategic Alternatives for ALM
NEW YORK (March 21, 2007) — Wasserstein & Co., LP (The Company) today announced that it has retained Credit Suisse as its exclusive financial advisor to assist it in exploring various strategic alternatives for its investment in ALM, including the possible sale of the company. ALM, a leading media company serving legal and business professionals, was formed in 1997 by U.S. Equity Partners, L.P., a private equity fund sponsored by Wasserstein & Co., LP.
The Company advised that there can be no assurances that this process will result in any specific transactions. The Company does not intend to disclose developments regarding its exploration of strategic alternatives unless and until its Board of Directors approve a definitive transaction.
"ALM's established ten-year track record of success, its pre-eminent market positions and the attractive environment for business information assets have combined to make this an opportune time to explore our alternatives," said Anup Bagaria, vice chairman of Wasserstein & Co.
Headquartered in New York City, ALM is a leading integrated media company, focused on the legal and business communities. ALM currently owns and publishes 34 national and regional magazines and newspapers, including The American Lawyer�, Corporate Counsel�, The National Law Journal� and Real Estate Forum�. The company is one of North America's largest producers of conferences and trade shows for business leaders and the legal profession. ALM's Law.com� is the Web's leading legal news and information network, while ALM's GlobeSt.com� is the Web's leading information source for commercial real estate professionals. Other ALM businesses include book and newsletter publishing, court verdict and settlement reporting, production of professional educational seminars, market research and content distribution. More information on ALM's businesses and services is available on the Web at www.alm.com.
About Wasserstein & Co., LP
Wasserstein & Co., LP is a leading independent private equity and investment firm, focused primarily on leveraged buyout investments and related investment activities. The Firm manages capital on behalf of its institutional and individual investors, including public and corporate pension funds, foreign governmental entities, endowments and foundations, and high net worth individuals. The Firm historically has made investments in media, consumer products and other industry sectors. Representative investments include ALM Media, Harry & David, Mastercraft, Hanley Wood, Penton Media, Sportcraft, The Deal and New York Magazine.