Reprinted from yesterday's late editions.

The Saturday Review, a magazine published in New York for more than a half-century, has been purchased by a group of investors headed by R. Peter Straus, owner of a radio station, and his son-in-law, Carll Tucker.

Tucker said Monday that Norman Cousins, the magazine's editor for nearly 35 years, will continue to be editor of the magazine.

Tucker, 25, said he told the magazine's staff Monday that he planned no major personnel changes. An announcement to be made in New York today said Tucker will become the magazine's new president and Straus will be chairman of the executive committee.

Tucker, a 1973 Yale graduate, has been a theater and book critic of The Village Voice and a free-lance writer. He is married to Straus' daughter, Diane, who is executive editor of The Cranford (N.J.) Citizen and Chronicle.

Straus is a former assistant secretary of state for African affairs and is currently the owner of Station WMCA in New York.

Tucker declined to disclose the purchase price for the magazine and said he had promised not to reveal the names of other investors. Cousins could not be reached for comment last night. A news release quoted him as saying he was grateful to have found investors and a successor "who will carry on Saturday Review's tradition of independence and integrity."

A prominent magazine in literary circles since its founding in 1924, Saturday Review has gone through a number of publishing transitions in recent years and has survived a couple of financial crises.

In 1972, it was purchased from the McCalls publishing group by the then owners of Psychology Today. Cousins, who had stepped out of the editorship, repurchased the magazine out of bankruptcy in 1973 and since then has been its largest stockholder.

For many years, except for the period Cousins was absent, the magazine has editorially promoted positions strongly in favor of the United Nations and international arms control. Cousins for several years was a leader of the Committee for a Sane Nuclear Policy and co-chairman of Citizens Committee for a Nuclear Test Ban.

The bi-weekly now takes an active role also in promoting conservation and environmental interests. Tucker said he had no plans to change its political positions. Cousins, he said, will continue to have a financial interest in the publication as well as remaining as editor.

Tucker said he intends to maintain the magazine as "an independent intelligent voice to prevent us from being swept up in the hysteria and fadishness of our popular press." He said that, "Above all, the Saturday Review is independent of the 'mega-corporations' which are munching magazines like crackers."

The transaction was the second in three months involving major magazines published in New York. Early in January, New York magazine was acquired by Australian publishing magnate Rupert Murdoch, after a bitter fight for control in which several editors and writers walked out in protests of what they considered Murdoch's emphasis on sensationalism in some of his other publications.

Originally founded as The Saturday Review Literature, Cousins' magazine has flourished with a broad format that includes reviews of the arts and special sections on science, travel, the environment and communications.

Among its editors and contributors are Cleveland Amory, Peter Young, John Ciardi, Judith Crist, Buckminster Fuller and Leo Rosten.

According to Tucker, its circulation now exceeds 500,000.