Sitrick hires bank to aid sale of firm

LOS ANGELES: PR consigliere Michael Sitrick has hired investment bank Wasserstein Perella to explore the sale of his communications firm Sitrick & Company.

LOS ANGELES: PR consigliere Michael Sitrick has hired investment bank Wasserstein Perella to explore the sale of his communications firm Sitrick & Company.

LOS ANGELES: PR consigliere Michael Sitrick has hired investment bank Wasserstein Perella to explore the sale of his communications firm Sitrick & Company.

Sitrick has long championed the crisis and IR firm's independent status, but has reportedly been approached more frequently lately by leading global communications firms. He was not available for comment.

Sitrick & Company maintains a staff of about 40, and is one of the few heavyweight independents on the West Coast. The privately owned firm reportedly charges some clients dollars 450 an hour. And while it does not make revenue figures public, one source estimated annual billings at approximately dollars 10 million. It also is somewhat protected from the economic downturn, given its bankruptcy work.

Abbot Jones, a managing director at AdMedia Partners, warned: 'Prices are not going up any further. Current negotiations are more about how much of the deal is contingent on a company's success rate over time.'

As well as advising on potential offers, Wasserstein Perella could be looking at the effect Sitrick's employee stock ownership plan would have on a deal. The firm's West Coast location also could affect its value, though it has satellite offices in New York and Washington, DC.

Sitrick has helped lawyers represent Los Alamos National Laboratory scientist Wen Ho Lee to the media and battled ABC's 20/20 for client Metabolife.

He taped the network's interview with Metabolife and aired it on the Web ahead of the broadcast.



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