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Last spring, when Publisher Samuel I. Newhouse went shopping for an anniversary gift for his wife Mitzi (TIME, April 6), he got more than he was looking for. In paying $5,000,000 for majority control of Conde Nast Publications Inc. (Vogue, House & Garden, Glamour and Bride's Magazine), Newhouse caught Conde Nast in the midst of negotiations to buy the U.S. publishing house, of Street & Smith. Last week Sam Newhouse, no man to duck opportunity, closed the inherited deal...
...reported $4,000,000 plus an option for Street & Smith's owners on some 10% of Conde Nast's stock, Sam Newhouse assumed proprietorship of one of the oldest periodical publishers in the U.S. Established in 1855, Street & Smith prospered with an array of derring-do pulps from such prolific potboilers as Horatio Alger Jr., Ned Buntline, Josh Billings and Bill Nye, bought the early works of Booth Tarkington, Rupert Hughes, Fannie Hurst and many others. Street & Smith writers added many a resonant name to the ranks of folk heroes: Frank Merriwell, Nick Carter, Buffalo Bill. But with...
...wedding anniversary, he had a good basis to go on-Mitzie, a delicate wisp of a woman (5 ft., 76 Ibs.) who likes to wear originals by Dior and Givenchy, still has a high interest in high fashion. Last week Sam came home with just the right present: Conde Nast Publications Inc., publishers of the haute couture Vogue (circ. 415,258), House & Garden (circ. 576,196), and their svelte siblings Glamour (circ. 668,062) and Bride's Magazine (circ. 169,902). Grins Newhouse: "I thought Mitzie would get a thrill...
...Fashion, Same Formula. To land Mitzie her prize present, Sam ("Mr. S.I.") Newhouse operated in the same forthright fashion that he has used for four decades to collect an unusual group of 14 newspapers and five TV and radio stations. Just a fortnight ago, Newhouse heard that Condé Nast President and Publisher Iva Sergei ("Pat") Voidato-Patcévitch, 58, was willing to sell his option to buy controlling interest in the company, which he got last fall from Britain's Amalgamated Press. Hard hit by recession cutbacks in ads, Condé Nast Publications lost $534,528 last...
Publisher Newhouse will use the same principle with Condé Nast that underlies his newspaper empire: a high degree of local autonomy. Mitzie Newhouse may have an occasional casual chat with an editor, and Mr. S.I. will keep his sharp eye on the ledger, but Condé Nast will continue to be run on the same fashion-plating formula by Publisher Patcévitch and his staffers...