Newsweek Sold to Audio Magnate for $1

Sidney Harman assumes magazine's growing losses
By Nick McMaster,  Newser Staff
Posted Aug 2, 2010 3:19 PM CDT
Newsweek Sold to Audio Magnate
Newsweek magazine is displayed on a shelf at a news stand at South Station in Boston, Tuesday, May 4, 2010.   (AP Photo/Charles Krupa)

Sidney Harman has agreed to buy Newsweek, Advertising Age reports. The 91-year-old stereo-equipment magnate, who is married to Democratic Rep.Jane Harman, will essentially pay nothing for the magazine—the real cost comes in assuming Newsweek's liabilities, which could top $70 million this year. The Washington Post Co. has been looking for a buyer for Newsweek since May, when it announced the magazine would lose money again this year.

Revenue from Newsweek's ad pages fell 9.6% over the first half of this year. Harman, best known as the co-founder of the Harman Kardon audio company, plans to trim the magazine's staff from 300-plus to 250. The highest-profile departure will be editor Jon Meacham, reports the New York Post. "Meacham has told [Harman] he should look for a new editor and is ready to leave when one is found," says a source.
(Read more Newsweek stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.