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When Jared Kushner bought The New York Observer in 2006 from its benefactor and owner, Arthur Carter, New York City’s salmon-colored staple had been losing about $2 million dollars a year.
But the paper, which had always been financially troubled, had incalculable cachet. For the cultural and media elite it chronicled, it was a must-read, and a significant voice in local politics and real estate. Created in its storied form by Graydon Carter, who would go on to edit Vanity Fair, briefly edited by Susan Morrison, now of The New Yorker, and then guided by longtime editor Peter Kaplan, the paper’s relatively small circulation of 50,000 understated its influence.