Washington – According to multiple reports, the Washington
Post Co. will announce on Monday a deal to sell its Newsweek magazine to 91-year-old
stereo equipment magnate Sidney Harman. The New York Times cited a person with
knowledge of the matter as saying Harman would pay $1 for Newsweek, while
taking on the company’s considerable debt; citing a source, The Wall Street
Journal said Harman’s offer was $70 million higher than the closest rival bid.
Times noted that the magazine lost nearly $30 million last year.
The deal will
also reportedly see Harman retain a majority of Newsweek’s 300-plus staffers.
The Journal cited a source who said that Newsweek editor Jon Meacham will
resign after the sale process is complete.
(DMW previous coverage)