The Washington Post Co. said Monday it has sold struggling Newsweek magazine, which it has published for half a century, to audio industry pioneer Sidney Harman.
The financial terms of the deal were not announced. According to an article in the Washington Post citing an unnamed source, Harman is paying a “minimal” amount of cash but assuming obligations that could cost tens of millions of dollars.
“[Harman] has pledged not only to continue to produce a lively, compelling and first-rate news magazine, but also an equally dynamic Newsweek.com,” Donald Graham, chairman and chief executive officer of the Washington Post Co. (WPO, Fortune 500), said in a statement.
Full story: Washington Post sells Newsweek to Sidney Harman – Aug. 2, 2010 – CNN Money