Word: felkers
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...good guy in the story is Clay Felker, editor of all three magazines. Felker took over New York, originally the Sunday supplement to the now defunct New York Herald-Tribune, when that newspaper folded in 1968, and made it into the model for slick magazines centering around a particular city. He made money too--revenues of $26 million last year. But Felker started New West last year, and spent about $2 million more than the allotted $1 million budgeted for the magazine's first year of publication; the result was four straight quarters in the red. New York stock, with...
Enter the villain, Carter Burden. The reason Felker is the minority stockholder in his own concern is because two years ago New York bought the Voice, with Carter Burden's money. Burden, the great-great-grandson of Cornelius Vanderbilt, and his friend Bartle Bull, ended up with 34 per cent of New York stock...
Having consulted friend number one Murdoch about selling, Felker went off to Washington to discuss the sale of the three magazines to the Washington Post. Felker had decided to sell to Katherine Graham, dowager empress of American journalism, taking a deal that was unattractive financially but which would leave him in charge of editorial operations. Meanwhile, unknown to Felker, Murdoch, friend number one, had approached friend number two Burden with an offer of $7 a share. And Burden was churlish; he didn't want to sell his magazines to the dowager empress. He took his skis and went...
...Friday, Clay S. Felker, New York Magazine Company president, resigned, after Murdoch consolidated his financial control of the company last week...
Wilson originally joined the board after being invited four years ago by Felker, who is a personal friend...