Posted on 12/17/2003 10:42:26 AM PST by presidio9
Edited on 04/22/2004 11:50:40 PM PDT by Jim Robinson. [history]
NEW YORK -- An investment group led by financier Bruce Wasserstein confirmed that it signed a definitive deal to buy Primedia Inc.'s (PRM) New York magazine for $55 million cash and the assumption of certain liabilities.
In a press release Tuesday, New York Media Holdings LLC said it expects the deal to close within 30 days. A representative for the group wasn't immediately available to provide the estimated amount of debt to be assumed.
(Excerpt) Read more at online.wsj.com ...
I know less than you. I started this thread to see what I could learn from my fellow FReepers.
Bruce is one smart MF.
Best bet is that he tightens the screws on the expense side, makes a splashy show on the editorial side, and either a) flips it out after doubling his money in less than five years or b) keeps it as a media tool to assist his other ventures.
I have had reason, astonishingly, to cross paths with Bruce regularly over the last couple of years, due to children's education overlaps. He is a gentleman who dotes on his kids, and is almost always at the "functions" other dads seem to skip.
On the family side, he's "a good egg".
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