Winning Newsweek Bid Expected To Top $9.3 Million Businessweek Sale

newsweek tbi

When Bloomberg L.P. swooped in at the 11th hour to buy Businessweek from McGraw Hill in October 2009, the sale ended up being worth $9.3 million ($5.9 million after taxes).

Keith Kelly says the sale of Newsweek is exected to top that amount. And the new owner could be revealed as early as next week, he reports.

Also, regarding bidder Sidney Harman, a former stereo-equipment entrepreneur:

Some are raising questions about the role that Harman’s wife, California Democratic Congressman Jane Harman, and a bitter rival of House Speaker Nancy Pelosi will play if her husband wins the mag.

“I think it is a flat zero,” said Harman. “I don’t tell her how to vote and she doesn’t tell me how to run my business.”

Don’t miss our ongoing tally of editorial staffers leaving the magazine…


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