Washington – The Washington Post Co. said on Thursday it has
completed the sale of Newsweek magazine to Sidney Harman, the 91-year-old
founder of Harman International Industries.
The deal, reportedly for a small
amount of cash plus the assumption of millions in debt, was first announced in
early August.
The Post in early May retained Allen & Company to help find
potential buyers for the publication, which has seen mounting red ink over the
past three years.
Newsweek was launched in 1933, and purchased by The Post in
1961.
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