The Press: Inherited Deal

Last spring, when Publisher Samuel I. Newhouse went shopping for an anniversary gift for his wife Mitzi (TIME, April 6), he got more than he was looking for. In paying $5,000,000 for majority control of Conde Nast Publications Inc. (Vogue, House & Garden, Glamour and Bride's Magazine), Newhouse caught Conde Nast in the midst of negotiations to buy the U.S. publishing house, of Street & Smith. Last week Sam Newhouse, no man to duck opportunity, closed the inherited deal.

For a reported $4,000,000 plus an option for Street & Smith's owners on some 10% of Conde Nast's stock, Sam Newhouse assumed proprietorship...