Harman Signs Deal to Buy Newsweek From Washington Post Co.

[Scurrilous]

<snip>

"It's official: Sidney Harman, the businessman who made his fortune selling stereo equipment, has secured a deal to buy Newsweek from the Washington Post Co. and will announce the deal later Monday afternoon.

The New York Times and others have previously reported that Mr. Harman was the front-runner to come away with the news weekly, but have cautioned that no deal was certain. Politico's Playbook e-mail newsletter this morning said a deal with Mr. Harman was imminent, but also cautioned that "no deal like this is done until it's done." The deal is now done, according to people familiar with the process.

Mr. Harman and the Washington Post Co. declined to comment.

The Times quoted one person briefed on Mr. Harman's bid who said his plan would retain 250 of Newsweek's employees. Newsweek counted 379 full-time staffers at the end of March, according to the sale book posted by PaidContent, but a significant number have left in the time since. Losses at the magazine could approach $70 million this year, this person told the Times. Mr. Harman reportedly bid $1 for the magazine but agreed to assume the magazine's liabilities; those details could not be confirmed on Monday."

http://adage.com/mediaworks/article?article_id=145209

[Wilms]

1. Congresswoman Jane Harman's (D-LC) husband buys Newsweek.

Wonder what else he buys.

[valerief]

2. Oo, a blue dog rag. Just what the world DOESN'T need. nt

[Spirochete]

3. Question:

Is this guy where the Harman-Kardon came from?

[Scurrilous]

4. Yes, he founded harman/kardon. n/t

[Spirochete]

5. Thanks n/t

[Jim Sagle]

6. Well preserved for a 91 yo.