It’s a Done Deal: Newsweek Is Sold to Harman
August 2, 2010, 1:51 pm
5:22 p.m. | Updated From Media Decoder with more on Business Day:
The Washington Post Company announced Monday afternoon that it was selling Newsweek to Sidney Harman, a 91-year-old stereo equipment magnate, in a move that will end of a half-century of the company’s ownership of the magazine.
It’s a Done Deal: Newsweek Is Sold to Harman - DealBook Blog - NYTimes.comHe overpaid.But make no mistake, Harman's pocket change purchase of Newsweek—he paid $1, plus the assumption of liabilities for the magazine—has to be a passion play, because it certainly isn't a financial one. The Daily Beast has obtained a copy of the 66-page sales memorandum that the Newsweek seller, the Washington Post Co., gave to prospective buyers, and it paints a picture of a media property given to someone unequipped to fundamentally change the current trajectory.
Newsweek Losses Revealed - The Daily Beast
To change their fortunes they have to start reporting what their Journolist pals aren't. Then, after years of some consistency in this area... they might have a small hope, and I don't think that's going to happen because he's keeping the entire old squad, and doesn't seem he's treating this thing as a business.
It might serve his wife and her Leftist cronies for a while, but that's a hell of a price to pay for love... LOL.