But most publishing executives say they think happy days may not return until the first or second quarter of 1992.

Some publishing executives say the paper has lost more than $1 million a year.

"That's a huge amount for a first novel," says one publishing executive.

As one publishing executive put it, "Who is that woman anyway, and how can she spend $25 million to start a magazine?"

Still another publishing executive whose house would consider buying the book said he was told "to sit by the phone" and wait to hear something.

"It is quite an amazing situation," a publishing executive involved in the discussions said this week.

Instead, the magazine lost $5 million in 2001, according to two publishing executives who saw its finances.

Most publishing executives, he said, did not understand the idea.

Now, one publishing executive said, "they seem to be asking us to give them a number."

Despite the changes at the top, few publishing executives expect to see much difference in the kinds of books that are produced.