Editorial Independence, Bruce Wasserstein-Style

Okay, so I have one more moment of high comedy from yesterday’s Lazard Freres/Carl Icahn press conference. Midway through the Q&A, a reporter from Newsweek asked Bruce Wasserstein a semi-technical question about a report that had appeared in The Deal — a magazine/Website devoted to all things M&A — concerning which way mogul John Malone was leaning with his Time-Warner shares.

Wasserstein looked nonplussed, paused, and said, “I guess that proves people must read The Deal more carefully.”

“You own the magazine!” the Newsweek reporter shouted, and Wasserstein stammered for the crowd’s benefit that “Yes, it’s true, I do own the magazine.”

But he’ll only admit it under direct questioning, obviously. The Deal was one of the original pieces in Wasserstein’s burgeoning magazine empire, which has since added American Lawyer Media, New York magazine, and Primedia’s former B2B portfolio, which includes august publications like Hog Farmer. But even before he swooped in to buy New York, The Deal had long since been supplanted as Wasserstein’s favorite toy.

Wasserstein wanted no part of this question, so he threw it to Icahn, who also demurred.

“It was in your advisor’s magazine!” the reporter kept shouting.

“Well, then it must be authoritative,” Wasserstein smirked. “I’m glad you read it, and thank you.” Next question.

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