Observer Media Group President Christopher Barnes says that the New York Observer and its associated products, after many years in the red, will finally turn a small profit in 2011, the New York Post reports.
Real estate scion Jared Kushner bought the paper in 2006 when it was hemorrhaging money. After going through multiple editors, he hired Gawker founding editor Elizabeth Spiers early in 2011, and the paper is now preparing to go national with its web coverage.
Not everyone’s sold on the Observer’s turnaround, though. The Post quotes a “rival publisher” saying, “If [Kushner]’s making money, I’ll eat my hat in front of Macy’s window.”
(via Jim Romenesko)