Lazard boss Bruce Wasserstein, owner of New York
magazine, may emerge as the leader of business magazines if he buys Penton Media. He already owns the B2B mags and trade shows from Primedia,
which was renamed Prism. His publishing company is said to be battling former Primedia executive Charles McCurdy, who now runs Apprise Media, for Penton. Some industry observers are predicting a
high-spirited auction that could reach $500 million. Penton is said to have revenues of around $200 million and cash flow of close to $50 million. Wasserstein also owns American Lawyer Media.