BREAKING NEWS

Sidney Harman buys 'Newsweek' from Washington Post Co.

By ASSOCIATED PRESS

AUGUST 3, 2010 04:42

NEW YORK — Sidney Harman, the 91-year-old founder of audio equipment maker Harman International Industries Inc., has agreed to buy Newsweek, ending a nearly half-century chapter for the magazine as part of The Washington Post Co.

Jon Meacham, the magazine's top editor since 2006, will step down.

Newsweek 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 $30 million loss in 2009, and Newsweek expects to lose money again this year.

In an interview, Harman declined to discuss exactly how he will finance the magazine's operations. But he said he will give Newsweek some breathing room for a turnaround effort.

"My purpose is to get the magazine operating in a reasonable amount of time — and that's years, not weeks — on its own fuel," he said.

Two Palestinians were shot dead after trying to break through checkpoint

By JERUSALEM POST STAFF

04/27/2024 04:37 AM

IDF strikes Khan Yunis, Rafah and Nuseirat

By JERUSALEM POST STAFF

04/27/2024 04:30 AM

IDF: Mt Hermon targeted by 30 launches, no known casualties

By JERUSALEM POST STAFF

04/26/2024 09:34 PM

Pentagon chief: Iran should question strategy after Israel attack failed

By REUTERS