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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

(Newser) – 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.

Newsweek magazine is displayed on a shelf at a news stand at South Station in Boston, Tuesday, May 4, 2010. (AP Photo/Charles Krupa)

Newsweek magazine is displayed on a shelf at a news stand at South Station in Boston, Wednesday, May 5, 2010. (AP Photo/Charles Krupa)

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COMMENTS

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Showing 3 of 4 comments

guvner

Aug 3, 2010 5:39 PM CDT

I love my H/K receiver. Still, he overpaid.

bewilderbeast1

Aug 3, 2010 7:42 AM CDT

Exciting news! Now I can get into my car, drive to a mall, walk to the bookshop, find a Newsweek magazine, stand in line, pay for it with my credit card, walk back, drive back, then sit in front of my PC and read news and views that are fairly fresh. If they write rubbish I could write them a letter and post it and a week later the editor will get my shout of *bullshit* on his desk. Then . . .

Shawn_The_Bohn

Aug 2, 2010 4:52 PM CDT

I'm impressed, you only have to be 91 years old to think print is going somewhere.

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Newsweek Sold to Audio Magnate for $1

Sidney Harman assumes magazine's growing losses

OTHER STORIES ON OUR RADAR

Newsweek • Washington Post • magazine • journalism • Jane Harman • magazine industry • magazine publishing • Sidney Harman

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