The Washington Post Co. has revealed exactly how much cash that audio equipment magnate Sidney Harman paid for Newsweek magazine this summer: $1.
The Post Co. also agreed to cover up to $10 million of Newsweek’s existing bills. And it will hold on to certain employee pension liabilities, though it did not spell out a dollar figure in a regulatory filing Wednesday.
No one thought Harman paid much for Newsweek, which lost almost $30 million last year amid circulation and advertising declines.
But the magazine’s sale for less than its $5.95-per-issue price on newsstands is still a grim milestone for a brand that was once a prized asset at the Post Co., which bought Newsweek in 1961.
The filing comes as speculation builds that Harman’s Newsweek will form some kind of partnership with The Daily Beast, a news and opinion site owned by Barry Diller’s media conglomerate, IAC/InterActiveCorp, and run by former New Yorker magazine editor Tina Brown.
In a piece commemorating the site’s second anniversary on Wednesday, Brown answered the buzz about a deal with Newsweek by saying, “Yes, there have been some interesting discussions going on, as we have with potential partners large and small all the time.”
Read More: AP
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Preciselly what that RAG in worth, One Dollar .
Sidney Harman most definitely got suckered in his purchase of Newsweek Magazine!
It had to be a ego purchase for i myself could have done much better investing that $1.00 One Dollar!
For $1.00 One Dollar he bought $10,000,000.00 Ten Million Dollars in debt plus a undiscolsed amount of Pension Liabilities.
So in effect the purchase price was $10,000,001, plus "pension liabilities." But that's a lot less intriguing than saying it went for a buck.
James! Lol! Why even make this comment? Your incompetence at times exceeds the definition of stupidity! Sidney Harman purchased Newsweek Magazine for ($1.00) one dollar. Why is this so difficult for you to understand?
HOT COUGAR if you are saying james' intelligence is on par with ed shultz i would say right on
Lol! good comment Jim!
I'm really pleased to hear that Newsweek's readership is down and its debts are massive! Have you read it during the last few years? It had become an ultra, ultra, ultra left-wing rag.