Bruce Wasserstein to buy New York magazine

According to people familiar with the negotiations, Primedia selected Wasserstein's offer ahead of rival bids by American Media, owner of the National Enquirer tabloid, and a consortium led by Mortimer Zuckerman, the New York real estate and publishing mogul.

Wasserstein's selection is a surprise in a saga which has captivated Manhattan elites for weeks. Though the weekly magazine is widely considered to have lost much of its political and cultural influence, it remains a highly visible platform near the centre of the US media industry. As a result, the magazine had attracted much more interest than would generally be expected of a publication of its size.