Washington, Aug 3: The Washington Post Company announced the sale of it's struggling current affairs magazine 'Newsweek' to audio tycoon Sidney Harman.
Harman, who described Newsweek as "a national treasure", purchased the business from the Washington Post Company, which put it up for sale in May 2010, after failing to stem a steady stream of heavy losses.
"Harman has pledged not only to continue to produce a lively, compelling and first-rate news magazine, but also an equally dynamic Newsweek.com. He intends to keep a majority of Newsweek's very talented staff," said Donald Graham, chief executive of the Washington Post Company.
The deal ends almost a half-century of ownership by the Washington Post Company, which bought Newsweek in 1961. The magazine was founded Feb 17, 1933.
Sidney Harman is the founder of Harman International, a Connecticut-based manufacturer of speakers, stereos and in-car audio systems.