Got an extra $40 million lying around? Want to buy Time Out New York?

Dan Sabbagh, media editor at The Times of London, reports that a stake in the city magazine is up for auction, with a reported price tag of $40 million.

The auction is being driven by the magazine investors, who put up somewhere between $10 million and $30 million to launch the title in 1995, and want to see a return on their investment. Tony Elliott, who founded the company in 1968, plans to keep his stake in the publication, although he could sell if the price is high enough.

In the past year, there have been reports that TONY has struggled to pay its writers. Ironically, the news of the potential sale comes almost three months to the day after TONY president Alison Tocci said all freelancers would be paid within 90 days. From what we've heard, TONY has kept its word.