USA: Harman acquires Newsweek magazine for $1

It was just announced that Newsweek has finally been sold by The Washington Post Co. to 91-year-old businessman Sydney Harman for $1. 

A promise to keep the long-running title in tact is believed to have sealed the deal for Harman ahead of a host of other bidders including the former New York Daily News publisher Fred Drasner. The deal for the struggling title, which posted an $11 million loss in the first quarter of 2010, brings an end to 50 years of ownership by the Post Co.

The Washington Post Company’s chief executive Donald Graham said: “In seeking a buyer for Newsweek, we wanted someone who feels as strongly as we do about the importance of quality journalism.”

Reports suggest that The Washington Post will retain pension assets, liabilities and some employee obligations for magazine’s 300-strong staff.

As a reminder, Newsweek was first published in 1933.  And 77 years later, it is worth only a dollar…

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