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Newsweek Is Sold to Harman

zimmer

Educating the Ignorant
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It’s a Done Deal: Newsweek Is Sold to Harman
August 2, 2010, 1:51 pm
Newsweek cover

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.com
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
He overpaid.
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.

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