Perspectives from ISB

Bruce Wasserstein, bought the New York magazine for $55 million in 2004, but died unexpectedly five years later, at age 61. Later the magazine was owned by a Wasserstein family trust and there were speculations that the family might sell the company.

Recently, Pamela Wasserstein, the 38-year-old daughter of the late Bruce Wasserstein, has been named CEO of New York Media, the parent company of New York magazine. She replaces Anup Bagaria, who is also a managing partner at the private equity firm Wasserstein & Company, and had been CEO of New York Media since Bruce bought the magazine.

Pamela, a graduate of Harvard Law School, joined New York in November 2014 as co-chairwoman and head of strategy. Her brother Ben, a former editor at the magazine, now works for a production company based at HBO. Her other brother, Scoop, is a film development executive.

The move will give the family more direct control of the publication. Her plan for the magazine centers on increasing its online audience and digital revenue, as in 2015 digital ad revenues surpassed print ad revenues for the first time. New York is also considering a cable television idea and increasing its live events business.

Source: New York Times, April 26, 2016