The Wasserstein family will not sell New York Magazine, the weekly arts, entertainment and lifestyle title owned by leading investment banker Bruce Wasserstein, who died on October 14.

A Wasserstein family trust will continue to control New York Media Holdings, the magazine's parent company, a spokeswoman for the magazine said.

Employees received the news in a memo from New York Media Chief Executive Anup Bagaria on Thursday.

Given the speculation on the future of New York Media, I'd like to make clear that there will be no change in ownership, Bagaria wrote in the memo.

The company will continue to be controlled by a Wasserstein family trust that is proud of the work being done by New York magazine and its online properties,, and Grub Street.

Wasserstein was chief executive of investment bank Lazard Ltd and a star of the mergers and acquisitions business.

He also loved journalism and owned several media assets, including New York and The Deal LLC, publisher of The Deal, a print and online magazine about mergers news and bankers who advise companies on deals.

Questions arose about whether New York would remain in the family's hands after Wasserstein died. He was 61.

Wasserstein was worth $2.2 billion and was willing to sustain his magazines at a time when print advertising sales were drying up and circulation was falling.

(Reporting by Robert MacMillan; Editing by Toni Reinhold)