Newsweek deal to be announced today

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A deal to sell Newsweek to a 91-year-old stereo equipment magnate will be announced later this afternoon, a move that will signal the end of a half-century of ownership by The Washington Post Company.

One person familiar with the sale process confirmed that The Post was preparing to make the news public, having formally wrapped up its discussions with Sidney Harman, the magazine’s new owner.

One person familiar with the sale process confirmed that the purchase was all but complete. Reached on his cellphone, Mr. Harmon declined to comment.

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.

Full story: Updated: Newsweek Deal To Be Announced Today – Media Decoder Blog – NYTimes.com