Newsweek Announces Sale To Sidney Harman

The Washington Post Company today confirmed the previously reported speculation that it had sold Newsweek to businessman Sidney Harman, who is the husband of Rep. Jane Harman, D-California.

In the online story, the magazine also reported that Editor Jon Meacham would step down:

“Harman, 91, the founder and chairman emeritus of Harman International, was one of several bidders for the magazine, according to sources familiar with the process, and the deal was not concluded until today, even as some of the interested parties upped their bids this morning. The bidders included businessman Fred Drasner, a former partner of Mort Zuckerman in running U.S. News & World Report and the New York Daily News; Marc Lasry's Avenue Capital Group, a hedge fund with a stake in America Media Inc., the publisher of The National Enquirer and Star magazine; and several unnamed American and foreign companies. A source close to the deal said the magazine will be purchased by the Harman family and it will not have an association with Harman International.”

"Newsweek is a national treasure," Harman said in a news release. “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.”