BtoB

Primedia sells 'New York' to Wasserstein group

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New York--New York Media Holdings, which is controlled by Wasserstein family trusts, announced Tuesday that it has agreed to acquire New York magazine from Primedia for $55 million in cash and the assumption of certain liabilities.

The transaction continues Primedia’s efforts to sell its broad consumer-based publications and to concentrate on niche and trade publications.

“We believe this is an excellent outcome for employees, advertisers and readers alike, and I have every confidence that New York’s market leadership will continue in the years ahead,” said Kelly Conlin, Primedia’s CEO, said in a statement.

Bruce Wasserstein, who is the CEO of Lazard, is the principal owner of a number of b-to-b media properties, including The Deal LLC and American Lawyer Media.

--Sean Callahan

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