Owner Bruce Wasserstein may have died last week, but New York magazine won’t be sold. Ad Age reports that an internal memo circulated yesterday informed employees there would be “no change” in ownership and that a Wasserstein family trust would continue to control New York Media.
The magazine’s fate was in question after Wasserstein’s death. And while it seems settled for now, this is not a good time for any sort of upheaval:
“This is a really terrible time for the magazine to lose him, because of the really tragic recession,” former editor Caroline Miller told Ad Age last week. “This is the kind of time when it matters most who owns you. There hasn’t been a tremendous slaughter at the magazine. I’m sure that’s in part because rather than having shareholders wringing their hands at the board table, you had an owner who’s rich and patient and smart and strategic.”