UPDATE 4:50 P.M. – Here’s The Washington Post Co.’s announcement >>
It’s official: Newsweek will be sold to former stereo equipment mogul Sidney Harman, who reportedly bid $1 “in exchange for absorbing Newsweek’s considerable financial liabilities,” according to Jeremy Peters of The New York Times and Nat Ives of AdAge.
An announcement is expected this afternoon and we’ll update as we hear more.
In the meantime, Peters writes:
The choice of Mr. Harman, who started a business selling FM radios in the 1950s and built it into one of the largest audio equipment companies in the world, shows just how particular the Post Company has been. As the sale process played out over the last two and a half months, The Post and its chairman Donald E. Graham have turned away several potential buyers whom they believed would lead the magazine in a markedly different editorial direction or make deep staff cuts. Mr. Graham, who is said to be concerned not only with the magazine’s legacy but the legacy of his family’s stewardship of the magazine, wanted the sale to be as least disruptive as possible.
See Also: Announcing Our Bid For Newsweek!
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