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Surprise bid wins New York.(Bruce Wasserstein acquires 'New York' magazine from Primedia for $55 million in cash)

Daily Variety

| December 17, 2003 | Snyder, Gabriel | COPYRIGHT 2009 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

HOLLYWOOD -- Bruce Wasserstein buffed his reputation as a master dealmaker Tuesday, emerging as the surprise winning bidder for New York magazine.

Primedia, which owns the mag, accepted Wasserstein's $55 million cash offer for the weekly over the more publicized bid by a consortium led by real estate/media mogul Mort Zuckerman.

"We believe New York has significant long-term value and growth potential," Wasserstein said in a statement. "It is the leading magazine for successful New Yorkers, and we intend to build from this position to enhance this historic franchise and extend this brand."

Wasserstein is purchasing New York through trusts set up for his…

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