Newsweek changes hands for a dollar

US current affairs magazine Newsweek has changed hands for a reported $1.
The Washington Post Company sold the magazine to Sidney Harman, who has promised to maintain the weekly’s focus on quality journalism. Harman also suggested that he will keep the majority of Newsweek’s 250 members of staff employed.

The weekly was put up for sale in May after running losses of almost $30m (£19m) last year, and with predictions for further substantial losses in 2010.

Harman is no stranger to business, being the 91-year-old founder of Harman International, one of the world’s biggest audio equipment producers.

(Source: Press Gazette)

This article appears in issue 246 of Media Digest.

Image taken by Flickr user FontShop, licenced under Creative Commons.

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