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Press Release

Incisive Media To Acquire ALM

Creates a Major International Business-to-Business Media Company Focused on
              Professional and Financial Services Industries

   LONDON and NEW YORK, July 5 /PRNewswire/ -- Incisive Media, a leading
business information provider, and ALM, a leading integrated media company,
today announced that they have signed a definitive agreement under which
Incisive Media will acquire ALM from U.S. Equity Partners, L.P. for a total
value of approximately $630 million (approximately 315 million pounds
Sterling) in cash. The acquisition is expected to close in the third
quarter of this year, upon satisfaction of regulatory approvals and other
customary closing conditions.
   ALM owns and publishes 33 national and regional magazines and
newspapers focused on the legal and real estate communities, including The
American Lawyer(R), The New York Law Journal(R), Corporate Counsel(R), The
National Law Journal(R) and Real Estate Forum. The company is also one of
North America's largest producers of conferences and trade shows for
business leaders and the legal profession. ALM's Law.com(R) 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.
ALM generated approximately $200 million in revenues in 2006.
   Incisive Media is a rapidly growing provider of specialist business
information, operating in four principal markets: financial services, risk
management, professional services and marketing services. The company,
which is headquartered in London, with further offices in Asia and North
America, delivers key information to defined target audiences across a
variety of platforms: in print, through magazines; in person, via
conferences, exhibitions and training programs; and online, through various
websites. Incisive Media generates annual revenues of approximately $280
million.
   Tim Weller, Founder and Group Chief Executive of Incisive Media, said,
"The acquisition of ALM will advance Incisive Media substantially towards
our strategic goal of creating a leading global business-to-business media
company. ALM, like Incisive Media, is a provider of high-quality business
information and, in terms of both products and geography, is extremely
complementary to our existing business. The addition of ALM's legal and
professional services assets to our portfolio will effectively double the
size of Incisive Media, deepen our weighting within the desirable legal
publishing space, and give our company a balanced presence between Europe
and the U.S.
   "ALM's senior management team, led by Bill Pollak, has worked together
closely for nearly ten years in building it to its current strong position.
We look forward to working closely with the management team as we grow our
combined business in the U.S., and support ALM as it extends its business
in Europe and Asia," continued Mr. Weller.
   Upon completion of the transaction, William L. Pollak, President and
Chief Executive Officer of ALM, will join Incisive Media's Board.
   Mr. Pollak said, "The operational fit between ALM and Incisive Media is
ideal. ALM will provide a sizable platform for Incisive Media to grow in
the U.S., 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. We look forward to joining with Tim Weller and the entire Incisive
Media team, as well as Apax Partners, as we build our various brands across
multiple platforms."
   Irina Hemmers, Partner at Apax Partners, said, "We are very pleased to
support Incisive Media in implementing its stated strategy to become a
leading global business-to-business and professional information provider.
ALM, under the leadership of its experienced management team, has generated
steady growth from delivering high quality must-have content to the legal
and commercial real estate communities via its long-established, market
leading brands. We believe the combined company will be well positioned to
achieve substantial growth on a global scale."
   Incisive Media was advised by Greenhill & Co., Simpson Thacher &
Bartlett LLP and PricewaterhouseCoopers. Financing for the transaction has
been underwritten by the Royal Bank of Scotland. ALM was advised by Credit
Suisse and Skadden, Arps, Slate, Meagher & Flom LLP.
   About Incisive Media
   Incisive Media is a rapidly growing provider of specialist business
information, operating in four principal markets: financial services, risk
management, professional services and marketing services. The London-based
company delivers key information to defined target audiences across a
variety of platforms: in print, through magazines; in person, via
conferences, exhibitions and training programs; and online, through various
websites. Incisive Media's market leading brands include Investment Week,
Post Magazine, Risk, Search Engine Strategies, Accountancy Age, and Legal
Week.
   Incisive Media was founded in 1995 by the current management team,
headed by Tim Weller, with the launch of Investment Week. The company was
floated on the main market of the London Stock Exchange in December 2000.
In December 2006, Apax Partners backed the public-to-private management
buyout of Incisive Media (valued at approximately $550 million). Since the
completion of the management buyout, Incisive Media has acquired three
separate businesses. For more information visit:
http://www.incisivemedia.com.
   About ALM
   Headquartered in New York City, ALM is a leading integrated media
company, focused on the legal and real estate communities. ALM owns and
publishes 33 national and regional magazines and newspapers focused on the
legal and real estate communities, including The American Lawyer(R), The
New York Law Journal(R), Corporate Counsel(R), The National Law Journal(R)
and Real Estate Forum. The company is also one of North America's largest
producers of conferences and trade shows for business leaders and the legal
profession. ALM's Law.com(R) 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.
   ALM was formed by U.S. Equity Partners, L.P., a private equity fund
sponsored by Wasserstein & Co., LP. More information on ALM's businesses
and services is available at http://www.alm.com.
   About Apax Partners
   Apax Partners (http://www.apax.com <http://www.apax.com> ) is one of the
world's leading private
equity investment groups. It operates across the United States, Europe and
Asia and has more than 30 years of investing experience. Funds under the
advice of Apax Partners total in excess of $20 billion around the world.
These Funds provide long-term equity financing to build and strengthen
world-class companies. Apax Partners Funds invest in companies across its
global sectors of Tech & Telecom, Retail & Consumer, Media, Healthcare and
Financial & Business Services
   Over the past ten years, Apax has been one of the most active investors
in media and communications with over $5.8 billion of equity invested.
Recent investments include TDC ($17.6 billion), Thomson Learning ($7.8
billion), Intelsat ($5.0 billion), CME ($3.0 billion), Yell Group ($3.0
billion), Trader Media Group ($2.7 billion), VNU World Directories ($2.6
billion) and Hit Entertainment ($1.0 billion).
   Contacts:
   Todd Fogarty
   Kekst and Company
   212-521-4854
   todd-fogarty@kekst.com

   Tim Weller
   Chief Executive
   Incisive Media
   +44 (0)20 7484 9970