New York Media, owner of New York magazine and several websites, is exploring options including a possible sale, according to people familiar with the matter, the latest publisher to weigh consolidation to cope with pressures in the fast-changing media sector. (WSJ)
In a statement to the Journal, New York Media stated that it is exploring “investment interest,” given the growth the company has seen in recent years. Financier Bruce Wasserstein purchased New York magazine 15 years ago for $55 million. His daughter, Pamela Wasserstein, was named to run the company in 2016. (The Hill)
New York has struggled with its print edition, which in 2014 cut back to 29 times a year, but it was an early digital adapter. It boasts a half-dozen websites including Vulture, The Cut, Daily Intelligencer, Grub Street, Science of Us and Splitsider. (New York Post / Media Ink)
An industry source noted that the sites are doing well, with traffic increasing month-over-month at least at New York Magazine, but it makes sense to bring in some outside money through a minority stake in the company to make way for further expansion of its key brands, or even another acquisition. The source noted growth is the key at New York, not divestment. (WWD)