FT: Washington Post to sell Newsweek to Sidney Harman
August 3rd, 2010Posted by Laura Oliver in Business, Editors' pick, Magazines
The Washington Post has agreed to sell Newsweek to businessman Sidney Harman, the founder of one of the world’s largest audio equipment companies, reports the FT.
Harman said he is interested in “the publication’s mission” and was not investing in Newsweek to make a profit – just as well, given recent declines in the title’s ad pages and reported $30-million losses last year.
Full story on FT.com at this link…
According to the Guardian, Harman bought the title for a nominal amount “reported to be just a single dollar”.
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September 20th, 2010 at 11:11 am
[...] for HuffPo. ReadWriteWeb comments on the number of Newsweek journalists who have left the title since its sale by the Washington Post Company to businessman Sidney Harman and the new homes many have found with new media [...]