NEWSWEEK has been sold to stereo millionaire Sidney Harman, reportedly for $1 plus taking over the debt. “He has pledged not only to continue to produce a lively, compelling and first-rate news magazine, but also an equally dynamic Newsweek.com, and he intends to keep a majority of Newsweek’s very talented staff,” said owner Washington Post Company Chairman Donald Graham. Harman, 91, is founder and chairman emeritus of Harman International. Washington Post Company bought the magazine in 1961. It was founded in 1933.
Newsweek editor Jon Meacham also announced he will be leaving the company once the sale is complete.