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Jason Kushner, a 25-year-old New York University law student, recently bought the New York Observer for $10 million, Media Life reports.
The New York Observer has a circulation of 50, 000 and reports losses of at least $2 million per year. The founder of the newspaper, Arthur Carter, has retained a minority share in the publication.
Kushner is the son of Charles Kushner, a property developer who is currently serving a prison sentence. There have been several negotiations with The Observer in the past, including deals with Robert De Niro and Tribeca Enterprises.
A letter from the editors, on The Observers’ home page, says, “As for us, the editors, our gratitude to Arthur Carter is deep, our faith in Jared Kushner awakening. We make a real promise to our readers: to provide you with The New York Observer as you have understood it, both in its nettlesome fairness and its sense of joy in the vitality, health and particular complications of life in New York City. That is our pleasure, our preoccupation and our reason for publishing.”
All sectors of the media business will suffer from the weakened economy in 2008 and 2009, with a slump in local advertising particularly hurting newspapers and local TV, according to a new projection from Goldman Sachs.
Broadcast nets will experience…
The New York Times is shuttering its International Herald Tribune site; NYTimes.com will soon host the international news normally reserved for its sister website.
The move is not about cost savings, but rather about growth, NYTimes.com general manager Vivian Schiller…
Unilever’s Vaseline set forth on an unusual research project in a small town in Alaska. Setting up a storefront, the company began giving away free bottles of lotion and asking recipients to name the person who had recommended they come…
Meet the Press, the show hosted by Tim Russert for 17 years before his death last June, is beginning to slip in ratings.
Last month, CBS’s Face the Nation pulled ahead of Meet the Press for the first time in two…
Bloggers collectively create nearly one million blog posts each day, and half of bloggers believe blogs will be a primary source of news and entertainment in the next five years, according to Technorati’s 2008 State of the Blogosphere Report, MarketingCharts writes.…
Wal-Mart and Costco reported same-store gains in September, with sales rising 2.4% and 9% respectively. Sales at Target stores open at least a year fell 3%, writes Retailer Daily.
Below, fiscal results from the discount retail giants:
Sales of food and…
