By: E&P Staff Jared Kushner, 25, son of a New Jersey developer -- who was sentenced to prison last year -- says he has purchased The New York Observer, a Manhattan weekly.
He was said to have paid $10 million for it.
While it has only 50,000 circulation and loses money, it draws well-known writers and has curb appeal.
Arthur Carter, the current publisher of The Observer, "is retaining some interest and will be offering the new owner strategic advice," The New York Times reports on Monday.
The new owner's father, Charles Kushner, was sentenced last year to two years in prison after pleading guilty to 18 counts of tax evasion, witness tampering and illegal campaign donations. As the Times put it, "He also admitted to hiring a prostitute to seduce his brother-in-law and having a videotape of the encounter sent to his sister, the man?s wife, in an attempt to get back at her for cooperating with a federal investigation into his business activities."
Peter W. Kaplan, the editor of the paper, told the Times that Kushner had no agenda, adding, ?He told me that he will not interfere with the paper, that editorially, the paper is ours.?
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