Five months after taking over as editor at The New York Observer, Tom McGeveran told his staff today that he will be leaving the paper at the end of the year.

After a meeting with staff this morning, McGeveran fired off a memo that spoke about what he loved most about his time as editor -- the media industry coverage -- and what he had worked to build: reworking the Culture section and the Transom and launching a new real estate trade pub. The whole breaking story has been dutifully covered by his own paper, which he pledges to leave in good shape:

"I'll be here until Dec. 31, and I've chosen to stay till then so that I can help the Observer find the right successor and make sure that he or she has everything needed to continue to make this paper a success. After that, I'll be starting work on a new venture I've been concocting for some time now."

His departure does not bode well for the Observer. Its owner, newlywed Jared Kushner, has publicly lamented the fact that the paper doesn't make money, and there have been rumors for quite some time that he may be trying to dump the pub. With no editor to lead the charge, does the Observer stand a chance?

Tom McGeveran Is Leaving The Observer