MediaBuyerPlanner: Jason Kushner, a 25-year-old New York University law student, recently bought the New York Observer for $10 million, Media Life reports.

The New York Observer has a circulation of 50, 000 and reports losses of at least $2 million per year. The founder of the newspaper, Arthur Carter, has retained a minority share in the publication.

Kushner is the son of Charles Kushner, a property developer who is currently serving a prison sentence. There have been several negotiations with The Observer in the past, including deals with Robert De Niro and Tribeca Enterprises.

A letter from the editors, on The Observers' home page, says, "As for us, the editors, our gratitude to Arthur Carter is deep, our faith in Jared Kushner awakening. We make a real promise to our readers: to provide you with The New York Observer as you have understood it, both in its nettlesome fairness and its sense of joy in the vitality, health and particular complications of life in New York City. That is our pleasure, our preoccupation and our reason for publishing."