Earlier this week multiple media outlets reported the Washington Post Co. reached a deal to sell Newsweek magazine to businessman Sidney Harman, the 91-year-old founder of audio equipment maker Harman International Industries.
The deal ends almost 50 years of ownership by the Washington Post Company, which bought Newsweek in 1961. The magazine was founded on Feb. 17, 1933.
As part of the ownership change, Jon Meacham, the news magazine’s top editor since 2006, will step down. The terms of the deal were not made public, but sources close to the negotiations said Harman has agreed to pay a small amount in cash and to assume tens of millions of dollars in financial obligations.
Newsweek magazine has been struggling financially with declines in its circulation and advertising leading to a nearly $30-million loss in 2009; the magazine expects to lose money again this year.
Of his decision to buy the struggling newsweekly, Harman stated in a press release, “Newsweek is a national treasure. I am enormously pleased to be succeeding The Washington Post Company and the Graham family and look forward to this great journalistic, business, and technological challenge.”