Observer to become a real estate newspaper

The Observer is to become a 28-page salmon-pink weekly focussing entirely on commercial real estate.  Don't fret. The Guardian Media Group has not gone barmy. They are still trying to figure out what to do with Britain's oldest Sunday newspaper, which is losing them a fortune.  This particular Observer is to be New York's newest newspaper according to today's New York Times. The Commercial Observer is being set up by a paper called the New York Observer, whose owner may or may not be barmy.  It will be send free to 10 000 real estate professionals and sell for $240 a year to those who don't qualify. Whatever happened to the end of old media? And what happened to the New York real estate slump?