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- Carter, Ledyard & Milburn Represents United Business Media PLC in Sale of Visual Communications Group
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Carter Ledyard & Milburn LLP
CARTER, LEDYARD & MILBURN REPRESENTS UNITED BUSINESS MEDIA PLC IN SALE OF VISUAL COMMUNICATIONS GROUP
-Deal Will Create World's Largest Commercial Image Library-
NEW YORK, March 6, 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 Visual Communications Group stock photography business to Getty Images Inc. for a $220 million cash purchase price. The transaction will create the world's largest commercial library of pictures, images, and film clips, with a collection of 70 million images. The sale is part of the divestiture program announced by United Business in connection with its proposed merger with Carlton Communications.
Carter, Ledyard & Milburn attorneys involved in the transaction included corporate partners James E. Abbott and Richard G. Pierson, antitrust partner Robert A. McTamaney, tax partner Howard J. Barnet, ERISA counsel Patricia Matzye and associates Lee A. Ohliger, Sandra Rizescu, Austin D. Keyes, and Mary Beth Werner.
Individuals from United Business Media's legal department who are involved in the negotiations include Jane Stables, Group Legal & Personnel Director, and Lisa Driver Davidson in London; and Anne W. Gurnsey, Chief Counsel & Secretary, and Raymond W. Mensack in New York.
European aspects of the transaction were handled for United Business Media by a team of lawyers from Baker & McKenzie's offices in London, France, Germany, and Holland, led by London-based corporate partner Timothy Gee, and associate James Smith. Getty Images was represented by a Weil Gotshal & Manges group led by London-based partner Andrew Harting and New York-based partner Stephen Besen.
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, PR Newswire, the world's leading distributor of full text news releases, and (until this transaction is completed) Visual Communications Group. 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, the leading publisher and distributor of free pick-up advertising publications in the US. 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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