• New York Post, Thursday, October 15, 2009 10:20 PM

The death of billionaire Bruce Wasserstein could place in peril the future of New York magazine, which is controlled by a family trust. Many industry insiders think the money-losing magazine will eventually be sold. It might end up in the hands of a group of insiders, or another wealthy investor.

"Harvey [Weinstein] and Mort [Zuckerman] would jump at a chance to buy it if it came on the market again," says one executive. Both were among the odd collection of highfliers who were trying to buy New York when Wasserstein swooped in with a $55 million stealth bid five years ago.

Strauss Zelnick, who was the underbidder on BusinessWeek, and Niche Media CEO Jason Binn are other potential players. Anup Bagaria, who runs the magazine's publisher, New York Media Holdings, might also put together a bid. New York has been hit hard by the slump in retail ads, and losses have probably ballooned to $5 million a year, say sources.

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