The New York Times and Politico report that the Washington Post Co will sell Newsweek to Dr. Sidney Harman, a 91-year old stereo equipment magnate, philanthropist, and husband of U.S. Rep Jane Harman (D-Calif.). The NYT reports that Harman began selling FM radios in the 1950s. Now, he’ll have to prove that a print newsweekly isn’t the equivalent of the phonograph. He’ll do it without longtime editor Jon Meacham, who’s going to leave. Harman is paying $1, and absorbing Newsweek‘s “considerable financial liabilities”. Newsweek, which has been redesigned as it switched from hard news to trends and analysis, lost nearly $30 million last year alone, and the Washington Post Co has spent a considerable amount of time trying to unload it after almost 50 years. Politico says Donald E. Graham, chairman of The Washington Post Co, personally chose Harman from among several well-heeled bidders because of his centrist politics and because he would provide the most continuity. “Harman plans to keep it as a traditional newsmagazine, with a weekly print edition, and pledged to retain the majority of the magazine’s 350 employees,” sources told Politico.
By MIKE FLEMING JR | Monday August 2, 2010 @ 12:21pm PDTTags: Newsweek, Newsweek Finance, NY Times, Politico
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This article was printed from http://www.deadline.com/2010/08/report-newsweek-sale-to-sidney-harman-near/