Kohlberg Kravis Roberts (KKR) has sold New York magazine to Bruce Wasserstein, the chairman of Lazard, for $55m (€45m) cash. It had been part of Primedia, the media business KKR created in 1989.

Wasserstein has bought the magazine through a company that controls his family trusts. Neither Lazard nor Wasserstein & Co, the boutique Wasserstein chairs, has invested in the transaction.