Washington: Well-known international
Newsweek magazine, owned by The Washington Post Co., has been
sold to 91-year-old audio magnate Sidney Harman, the founder
of audio equipment maker Harman International Industries Inc.
The Washington Post Company announced today that it
was selling Newsweek to Harman, ending nearly half-century
ownership by the company even as editor Jon Meacham announced
"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," Harman was quoted as
saying in The Post news release.
Newsweek announced that Meacham, the magazine?s editor
for the past four years, is stepping down.
"It has been a privilege beyond measure to have worked
for Newsweek and for The Washington Post Company for the past
15 years. I will always be grateful for the opportunity the
magazine gave me to serve alongside all of you," Meacham, the
magazine`s top editor since 2006, told his staff in an e-mail.
"For half a century, the Graham family created and
sustained a culture in which we were able to do good,
important work, and I know Newsweek will continue to do so,"
Meacham quoted in the New York Times said.
Harman started a business selling FM radios in the
1950s and built it into one of the largest audio equipment
companies in the world.
Newsweek, which was acquired by The Post Co. in 1961,
has been struggling to find a profitable niche amid poor
economic conditions and a flood of online competition.
Declines in circulation and advertising led to a nearly USD 30
million loss in 2009, and Newsweek expects to lose money again
this year, a media report said.
Harman, who doesn`t envision any radical overhaul of
the magazine, has vowed to retain most of about 350 staff
Decline in print media has led to sale or shutdown of
number of magazines and newspapers in the US amid the worst
economic meltdown in generations. Bloomberg LP bought
BusinessWeek last year for just a few million dollars.
"In seeking a buyer for Newsweek, we wanted someone
who feels as strongly as we do about the importance of quality
journalism," Post Co. CEO Donald Graham said. "We found that
person in Sidney Harman."