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Carter Ledyard & Milburn LLP
CARTER, LEDYARD & MILBURN REPRESENTS UNITED BUSINESS MEDIA PLC IN SALE OF UNITED ADVERTISING PUBLICATIONS
NEW YORK, May 9, 2000 - Wall Street law firm Carter, Ledyard & Milburn announced today that it is representing United Business Media plc in connection with the sale of its United Advertising Publications operations to Trader Publishing Company for a $520 million cash purchase price. UAP is a leading publisher of free pick-up advertising magazines for the real estate rental and sale, automotive and parenting markets in the United States. The sale is part of the divestiture program announced by United Business in connection with its proposed merger with Carlton Communications, which also included the recent sale of Visual Communications Group to Getty Images for $220 million (another transaction handled by Carter, Ledyard).
Carter, Ledyard & Milburn attorneys involved in the transaction included corporate partner James E. Abbott, antitrust partner Robert A. McTamaney, tax partner Howard J. Barnet, employment partner Judith A. Lockhart, ERISA counsel Patricia Matzye and associates Kirstin Knight, Austin D. Keyes and Nick Katsanos.
Individuals from United Business Media's legal department who are involved in the negotiations include Jane Stables, Group Legal & Personnel Director, and Tania Shamlian in London; and Anne W. Gurnsey, Chief Counsel & Secretary, and Raymond W. Mensack in New York, as well as UAP's Vice President and General Counsel Karen J. Guest.
United Business Media plc (London Stock Exchange: UNWS.L; NASDAQ: UNEWY) is an international media and information group based in the UK with three main divisions. Its business services division contains Miller Freeman, the international market research company United Information Group, and PR Newswire, the world's leading distributor of full text news. Its UK broadcasting and entertainment interests include ITV licensees Meridian, Anglia and HTV, a stake in Channel 5, and a fast growing production business. In consumer publishing, it owns Express Newspapers and advertising publications in the UK, as well as United Advertising Publications (until this transaction is completed). United Business also recently announced the creation of a New Media Division to develop and expand its online businesses, with plans to invest £370 million in these activities. Further information may be found at http://www.unm.com.
Carter Ledyard & Milburn LLP (www.clm.com), established in 1854, has approximately 90 attorneys and has been headquartered on Wall Street since its founding. Carter Ledyard's general practice includes corporate, securities, mergers and acquisitions, broker-dealer, on-shore and off-shore hedge and other alternative investment funds, private equity, litigation, intellectual property, environmental, employment, media and technology, immigration, investment regulation, antitrust, art law, trusts and estates, maritime, ERISA, tax-exempt organizations, real estate, tax and bankruptcy. A significant part of the firm's practice involves representing overseas-based clients and their U.S. affiliates, financial institutions and other financial services providers, governmental entities and media and technology clients.
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