News Brief
Wasserstein Acquires New York Magazine From Primedia
Dec 17, 2003, 12:00 AM
New York Media Holdings, LLC, an entity controlled by investment banker Bruce Wasserstein, Tuesday it reached a definitive agreement to acquire New York Magazine from Primedia for $55 million in cash plus the assumption of certain liabilities. The transaction is expected to close within 30 days. The deal puts to rest one of the most vigorous media auctions this year and one that analysts feel outstripped the intrinsic market value of a publication that generates relatively little income, but has an extremely influential role in the city of New York and the media industry at large. The company estimated New York Magazine reaches 1.8 million readers each week. The announcement did not make clear how or whether Wasserstein, who also controls American Lawyer Media, Inc., Real Estate Media, Inc. and The Deal, LLC, might seek to leverage New York Magazine as part of his burgeoning media empire, but he said he believed the magazine had "significant long-term value and growth potential."
Recent MediaDailyNews Articles
-
NY1 Show Goes National May 22, 7:32 p.m.
Time Warner Cable (TWC) will begin distributing a show about Broadway and theater at large to ... -
TV Model: Nets, Stations Split Retrans 50/50 May 22, 6:02 p.m.
Gray Television CFO Jim Ryan suggested that networks may capture more than half of an affiliate’s ... -
Newspaper, Magazine Ad Fortunes Continue To Decline May 22, 5:59 p.m.
The release of fourth-quarter figures for newspaper advertising and first-quarter figures for magazine ad pages earlier ... -
Equifax Taps Dentsu's 360i As Lead Agency May 22, 5:24 p.m.
Data collection company Equifax has selected Dentsu shop 360i to be its lead agency -- for ... -
NBC Gives 'Voice' To Tuesday, ABC 'Dancing' Into Second Place May 22, 5:08 p.m.
Two nights left of the TV season and NBC scored a Tuesday night win.Its big show, ... -
Multichannel Video Cos. Register Subscriber Loss, Satellite TV Gains May 22, 10:55 a.m.
For the first time in a year-long period, the biggest multichannel video companies have witnessed a ... -
DPAA Taps Enhanced TV Ad Vet Frey As New Chief May 22, 8:08 a.m.
Barry Frey, a long-time cable and interactive television executive who helped pioneer the field of “enhanced ... -
How Social Is Transforming TV May 21, 5:46 p.m.
Live from OMMA Video, Viacom Media Networks is unveiling its findings from “When Networks Network: TV ... -
Chicago Awards O'Hare Digital Signage Biz To Clear Channel Airports May 21, 4:30 p.m.
The Chicago City Council has awarded Clear Channel Airports a five-year contract, with the option for ... -
(Updated) NDTV Challenges WPP, Tries To Revive Lawsuit In NY May 21, 4:26 p.m.
(Editor's Note: The original version of this story, including the headline failed to note that NDTV's ...
Be the first to comment on "Wasserstein Acquires New York Magazine From Primedia"
Leave a Comment