New York Media has become the latest traditional publisher to add its weight to an increasingly rapid shake-up of the publishing sector, by announcing that it was exploring options for a potential sale.
Investment bank LionTree has been appointed to oversee the process which would offload assets such as New York magazine and websites such as The Cut and Vulture" an acknowledgement that the old ways of doing business on the back of high print revenues are disappearing – despite its combined print distribution holding up at a respectable 408,000 copies.
Founded by Clay Felker in 1968 New York magazine grew into a cultural icon for the city and beyond before being acquired by the late financier Bruce Wasserstein in 2004 from Primedia. It has since found itself increasingly at odds with a world that prioritises digital for its social content.
Mindful of these shifts the current owners, the Wassertein family trust has invested heavily in a slew of spin-off websites focussed on fashion, culture, television and food, earning 35 million online readers in June alone, a 100% increase on the year before.
Recent acquisitions such as the comedy site Splitsider, now part of its cultural destination called Vulture, have added to these numbers.