Over at the Times, David Carr and Andrew Sorkin have been joined at the hip for the last 36 hours, tag-teaming the New York mag sale story. (It's probably not as sexy as it sounds. Strike that — it doesn't sound that sexy at all.) Today, the boys, by now surely sick of each other, slap up the interview with New York mag owner Bruce Wasserstein.
For the really psychotically super-obsessed, we've reproduced below the internal memo sent by Wasserstein to New York's staff yesterday.
Why Did He Buy New York? Hey, Wasserstein Loves Deals [NYT]
"TO: NEW YORK Employees
FROM: Bruce Wasserstein and Anup Bagaria
As you may know, New York Media Holdings has announced that we have been successful in our effort to acquire NEW YORK magazine. A copy of last night's press release is attached.
We'd like to start out by thanking PRIMEDIA for offering us this opportunity to reach out to you via email to tell you how excited we are to be associated with NEW YORK magazine — a true marquee media name with a proud history. We believe an exciting new chapter in NEW YORK's history is about to begin, and, on behalf of our entire team, we'd like to say we are thrilled to be part of that future.
As we're sure you all are aware, there has been a good deal of media coverage of what was a fairly public sale process. Amid all the coverage, we think our group was viewed as a dark horse, which — by the way — was fine with us. But, because we weren't seen as the front-runner, our background and motivation for pursuing NEW YORK may not have been as well-documented as those of the other bidders. And so, why does this acquisition make sense from our perspective?
First, the acquisition fits our historical strategy of investing in leading publications oriented toward high-end New York audiences. We are the controlling investors, for example, in American Lawyer Media, Inc., Real Estate Media, Inc. and The Deal, LLC. Each of these companies has a New York focus and covers an aspect of "professional New York." We believe that each of these companies has benefitted from our long-term approach to franchise-building, and from our commitment to editorial independence.
We also have significant brand-building experience, having played integral roles in the growth and development of companies such as Maybelline and All Clad Cookware. As a result of our media and consumer products investments, we have a good deal of experience in reaching lawyers, investment bankers, and professionals in real estate and in the financial services industry. We also understand the needs of advertisers who are interested in reaching intelligent and influential readers.
Because we feel comfortable with the audience and with the advertisers, the opportunity to include NEW YORK in our portfolio of high-end publications was particularly attractive, and made this a compelling proposition, especially at this point in the advertising cycle.
While we think NEW YORK is a great brand, we also think that, backed by the
right growth strategy, it's one that can move into a clear leadership position. We are prepared to make the necessary investments - on the editorial and operating side — to ensure that this great property remains in its rightful position in the top echelon of New York City media.
We are looking forward to closing the sale in January and at that point to meeting with the many talented people at the magazine so that we can begin to share our plans for the future. We're sure many of you will have questions, which we plan to begin answering upon closing.
Please accept our very best wishes for the holiday season, and we look forward to meeting with you in the new year."