I love the Newsweek even though I am not a current subscriber. The Washington Post company announced that they have a buyer for Newsweek ( see press release http://bit.ly/c7HfZi)
Sidney Harman has some great acheivements > According to the Aplified Post article "Harman, 91, made his name in high-fidelity stereo equipment, founding harman/kardon premium audio company in 1952. But he became a high-profile philanthropist and author on topics such as quality of working life, productivity and education. He earned a PhD in education in 1973 and founded the Program on Technology, Public Policy and Human Development at Harvard University. In Washington, he is a trustee of Shakespeare Theatre Company. He is married to Rep. Jane Harman (D-Calif.)."
I love the statement Sidney Harman made""I intend to restore [Newsweek] to its appropriate role in American society and in journalism and to prove the skeptics totally wrong,"
Thats gutsy :)
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Washington philanthropist, education innovator and hi-fi stereo pioneer Sidney Harman will buy Newsweek magazine from The Washington Post Co., the company said this afternoon, three months after Post Co. Chairman Donald E. Graham admitted that his company could not lead the struggling newsweekly back to profitability.
Read more at www.washingtonpost.com
The Post Co. did not release the sale price of Newsweek. The cash component of the purchase is minimal, but the total obligations taken on by Harman -- assuming leases, satisfying subscribers who have already paid to receive the magazine -- run into the tens of millions of dollars, according to a source close to the deal who spoke on condition of anonymity. The Post Co. will continue to pay the Newsweek staffers' pensions.