‘Newsweek’ sold to Sidney Harm
Harman
One of the world’s most read new magazine ‘Newsweek’ has been bought by stereo equipment billionaire Sidney Harman from the Washington Post, according to reports.
The New York Times reported Monday that Harman — who has been seen as the frontrunner for the magazine — had all but finalized a deal to acquire the newsweekly.
AdAge’s Nat Ives reported shortly thereafter that it was a done deal:
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.
AdAge reports that Harman “reportedly bid $1 for the magazine but agreed to assume the magazine’s liabilities; those details could not be confirmed on Monday.”
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