New York Media – owner of The Cut and Vulture – has put long-standing publication New York magazine for sale.
The news comes in the wake of reports that the publisher was strapped for cash following the purchase of US Weekly and other gossip mags from Bauer US. Boutique investment bank LionTree has been hired to explore the sale of the 50-year-old magazine.
“We are focused on building our business organically, but we also explore investment interest and strategic opportunities as a general practice,” said a spokeswoman for New York Media.
This isn’t the first news of a magazine sale this year, with just last month Condé Nast announcing it was putting three of its best known titles up for sale – Bride, Golf Digest and W.
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