ALM Purchases Legal Week from Incisive Media
Acquisition aimed at expanding ALM's reach in Europe and Asia.
ALM continues to expand its global reach through acquisitions.
The New York-based media company—formerly known as American Legal Media—has acquired Legal Week from Incisive Media in an effort to strengthen its presence in Europe and Asia, the company announced today.
"Legal Week has a strong audience base in Europe and Asia, and an impressive collection of industry events," said ALM CEO, Bill Carter, in a prepared statement. "It has also successfully transitioned to a business model primarily focused on digital content and services. These attribues made Legal Week an ideal addition to our platform."
Legal Week will join ALM's existing portfolio of legal media titles, which includes Law.com, The American Lawyer, and New York Law Journal, among others. The brand produces digital news, analysis, and research, as well as a series of live events throughout Europe, Asia, and the Middle East.
The acquisition is ALM's fourth since it was itself reacquired by private equity firm Wasserstein & Co. in 2014. In a similar internationally-oriented move, ALM bought China Law & Practice last August after acquiring Summit Professional Networks and Kennedy Consulting a year ago.
The deal signifies a reunion for Legal Week with some former sister brands, given ALM and Incisive Media's historical relationship.
ALM founder Steven Brill first sold the company to Time Warner in 1997, who in turn sold ALM to Wasserstein & Co. a year later. In 2007, London-based Incisive Media—through its own parent company, Apax—acquired ALM from Wasserstein & Co. for $630 million, a merger which held for two years before a restructuring of the loan Incisive used for the purchase led to ALM again becoming an independent company in 2009. Then, last year, Wasserstein & Co. reacquired ALM, 16 years after its original purchase of the company.
Incisive, whose brand portfolio includes Computing, Investment Week, and Risk magazines, among several others, has been seeking to reduce its debt since British private equity firm Alchemy Partners took majority control of the company as part of a refinancing agreement in early 2015. In September, Incisive sold Accountancy Age and Financial Director to UK-based B2B media firm Contentive.
Update: An Incisive spokesperson informs Folio: that the company now has no net debt, as evidenced by its acquisition of Chartis Research in June.
"While I am sad to see the business go, given my involvement with Legal Week since its launch in 1999, I am confident the brand will thrive at ALM," said Incisive CEO Tim Weller in a statement.
Terms of the transaction were not immediately made available.