Dan's Papers, Inc. has been officially purchased by Manhattan Media, the same company responsible for such mags as Avenue Magazine, West Side Spirit, and New York Family. The $1.75 million transaction—or the price of a modest East End home—will help Brown Publisher, the weekly's previous owner, pay off a portion of its "long-term bank loan." Bankruptcy stinks, doesn't it? But Manhattan Media is pretty psyched about its shiny new purchase nonetheless:
We managed to extract what I call a gem ... Dan's Papers has consistently been profitable even under Brown's management. I hate the word 'synergy' but there clearly are synergies here. The crowd in the Hamptons has a big overlap with the crowd in the city.We hate the word "synergy" too, but Manhattan Media has a point. And since Dan Rattiner, the mag's founder, was promoted to editor in chief and president, we're sure he's just as pleased as his new boss.
· Manhattan Media Bringing the Dan Back [Editor and Publisher]
· Manhattan Media Acquires Dan's Papers 50-Year-Old Hamptons Weekly [Dan's]