Wasserstein's death leaves New York magazine in limbo

Bruce Wasserstein, who died Wednesday at 61, will be remembered by many in the media world less for his dealmaking prowess than for turning New York magazine from a predictable, shallow city magazine into the most consistently clever and ingeniously packaged publication of the last few years. But with the financier's death, New York's status is in question, and speculation has already begun that Wasserstein's family, which owns the magazine through a trust, will try to sell it.

The last time New York was for sale, there was no shortage of bidders -- even though the title was losing a reported $2 million a year. With his $55 million offer, Wasserstein snatched it out from under the nose of Mort Zuckerman, who led a coaltion that included Harvey Weinstein, Nelson Peltz, and Donny Deutsch.