Harman has agreed to keep most of the more than 300 Newsweek staff while the Washington Post will retain the pension assets and liabilities. Like many magazines, Newsweek has suffered advertising losses as marketers cut back and turned to cheaper alternatives in digital media.

Donald Graham, chairman and chief executive officer of The Washington Post Company says, “In seeking a buyer for Newsweek, we wanted someone who feels as strongly as we do about the importance of quality journalism. We found that person in Sidney Harman.

“He has pledged not only to continue to produce a lively, compelling and first-rate news magazine, but also an equally dynamic Newsweek.com.”

Also commenting, Harman says, “Newsweek is a national treasure. I am enormously pleased to be succeeding The Washington Post Company and the Graham family look forward to this great journalistic, business and technological challenge.”

Comment below to have your say on this story.

If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.  

Sign up to the Sprinter newsletter