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."