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”.