The World: New York - Student purchases New York Observer for $10m

Jared Kushner, a 25-year-old law student, has become America's youngest media mogul after buying the New York Observer.

Despite not having yet finished his degree, Kushner, the son of a wealthy real-estate developer, bought the newspaper for a reported $10 million.

The weekly title, which is printed on pink paper and has a reputation for gossipy coverage of New York's elite, has a circulation of 50,000 and annual losses of $2 million.

The owner, the investment banker Arthur Carter, has been looking for a buyer since late 2005 and was recently close to a deal with a consortium that included the actor Robert de Niro.