Cranberry Partners, a new investment fund managed by Wasserstein Perella & Co., has signed a letter of intent to purchase American Lawyer Media from Time Warner for a reported $70 million. The sale doesn't include Court TV, which Time Warner will retain, but does include flagship The American Lawyer
, several regional legal newspapers and an on-line service. American Lawyer
founder Steven Brill is launching a new magazine, tentatively titled Content, that will scrutinize the media.
Copyright July 1997, Crain Communications Inc.