Dolan Media buys 85 percent stake in DiscoverReady

AP News
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Posted: Nov 06, 2009 6:52 PM

Dolan Media Co. said Friday it bought an 85 percent stake in DiscoverReady LLC, which provides document-review services to companies and their lawyers.

Financial terms were not disclosed. Dolan sells services and information to legal, financial and real estate companies.

DiscoveryReady co-founders James K. Wagner Jr. and Steven R. Harber will remain as CEO and president, respectively, and will continue to run the company. Wagner, Harber and other employees control the 15 percent minority ownership. The company's employees will be retained.

Earlier Friday, Dolan reported third-quarter profit of $5.9 million, more than double the profit of a year earlier, on growth in its mortgage default processing services. The company also raised its outlook for full-year profit.

Dolan shares fell $1.53, or 12 percent, to close regular trading at $11.25, but rose 55 cents, or 4.9 percent, to 11.80 in extended trading.