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Audio Tycoon’s Newsweek Bid Said to Be Favored (Dinosaur Media DeathWatch™)
The New York Times ^ | July 29, 2010 | Jeremy W. Peters

Posted on 07/30/2010 5:17:14 AM PDT by abb

As the Washington Post Company prepares to sell Newsweek to the most appealing bidder, it is closely examining an offer from Sidney Harman, the California billionaire who made his fortune selling audio equipment.

According to three people with knowledge of the bidding process, at least two other parties remain in the mix: Fred Drasner, who was a part owner of the Washington Redskins and a publisher of The Daily News of New York, and Marc Lasry, a hedge fund owner and major Democratic Party donor.

snip

One person briefed on the bid said Mr. Harman would retain 250 employees and pay the Post Company $1 in exchange for taking on Newsweek’s considerable financial liabilities. Losses at the magazine could approach $70 million this year, this person said.

snip

(Excerpt) Read more at nytimes.com ...


TOPICS: Business/Economy; Culture/Society; Extended News; News/Current Events
KEYWORDS: advertising; dbm; magazines; newsweek
The magazine has a negative net worth. It is now a charity case.
1 posted on 07/30/2010 5:17:17 AM PDT by abb
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To: 04-Bravo; aimhigh; andyandval; Arizona Carolyn; Bahbah; bert; bilhosty; Caipirabob; carmenbmw; ...

ping


2 posted on 07/30/2010 5:18:09 AM PDT by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: LS

You had predicted this a couple or three years ago.


3 posted on 07/30/2010 5:19:12 AM PDT by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: abb

Give it to the DNC, they control what is published now anyway. /s


4 posted on 07/30/2010 5:19:23 AM PDT by CIB-173RDABN
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To: abb

any rich left winger who want to throw their money away is always a good thing


5 posted on 07/30/2010 5:19:37 AM PDT by 4rcane
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To: abb
couldn't have happened to a more worthy piece of fishwrap.

Interesting how liberal magazines are now starting to follow the liberal Err America pattern. Maybe the people are finally waking up.

6 posted on 07/30/2010 5:20:45 AM PDT by John O (God Save America (Please))
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To: abb

He must need a tax write-off..................


7 posted on 07/30/2010 5:22:08 AM PDT by Red Badger (No, Obama's not the Antichrist. But he does have him in his MY FAVES.............)
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To: abb

I reckon these idiots will be about the next rag to on the auction block

8 posted on 07/30/2010 5:26:49 AM PDT by Zakeet (The Big Wee Wee -- rapidly moving America from WTF to SNAFU to FUBAR)
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To: Zakeet

Congresscritter Jane Harman’s husband.

http://en.wikipedia.org/wiki/Sidney_Harman


9 posted on 07/30/2010 5:31:58 AM PDT by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: abb

If it wasn’t for doctor and dentist offices, this turd would have dried up and blown away years ago.


10 posted on 07/30/2010 5:32:44 AM PDT by thecabal (Destroy Progressivism)
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To: Red Badger

“He must need a tax write-off..................”

Ding ding ding, we have a winner.


11 posted on 07/30/2010 5:37:43 AM PDT by EQAndyBuzz (Helter Skelter. The Revolution is Upon Us.)
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To: abb

http://newspaperdeathwatch.com/
Tools to Empower a New Kind of Journalism

http://gannettblog.blogspot.com/2010/07/gci-folding-mississippi-print-weekly.html
Clinton | Gannett folding Mississippi print weekly

http://www.aolnews.com/weird-news/article/pioneering-weird-news-agency-flashnews-calls-it-quits-after-30-years/19572543
Pioneering Weird News Agency Calls It Quits After 30 Years

http://www.mediapost.com/publications/?fa=Articles.showArticle&art_aid=132937
Broadcasters Balk: Big Nets Want Nielsen To Wait On Weights

http://www.mediapost.com/publications/?fa=Articles.showArticle&art_aid=132926
McClatchy Newspapers Fail To Rebound

http://www.broadcastingcable.com/article/455399-Broadband_Bill_Meetings_in_Full_Swing.php
Broadband Bill Meetings in Full Swing
Little progress expected towards consensus

http://online.wsj.com/article/SB10001424052748703940904575395352749081586.html
Mixed Ad Message From Newspapers


12 posted on 07/30/2010 5:53:45 AM PDT by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: abb

http://www.foliomag.com/2010/transcending-print
Transcending Print

http://www.thedailybeast.com/blogs-and-stories/2010-07-30/sumner-redstone-cbs-staffer-alleges-harassment/
CBS Staffer Alleges Redstone Abuse

http://www.reuters.com/article/idUSN2819343720100728
Bright quarter seen for big media; investors wary


13 posted on 07/30/2010 6:00:13 AM PDT by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: abb

http://www.newsandtech.com/news/article_9968b0ca-9b33-11df-8df6-001cc4c002e0.html
Will papers’ plans to block content backfire?


14 posted on 07/30/2010 6:03:37 AM PDT by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: abb

Huh. I did not know dat.


15 posted on 07/30/2010 6:06:57 AM PDT by martin_fierro (< |:)~)
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To: martin_fierro

Apparently neither did The NY Times’ Jeremy W. Peters. That must be the reason he left that out of his ‘news’ story.


16 posted on 07/30/2010 6:09:34 AM PDT by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: EQAndyBuzz; Red Badger; abb
“He must need a tax write-off..................”

See his Wiki entry in post #9:

Dr. Harman (Ph.D. in Higher Education, The Union Institute and University, 1973), a graduate of Baruch College of the City University of New York in 1939, has served as a trustee of the Martin Luther King Center for Social Change, the Los Angeles Philharmonic Association, and the National Symphony Orchestra. He is chairman of the Executive Committee of the Board of the Public Agenda Foundation; chairman of the Executive Committee of the Board of Business Executives for National Security; a member of the Council on Foreign Relations and the Council on Competitiveness; and a member of the Board of the Leadership Institute of the University of Southern California. He is married to Jane Harman, a congresswoman from California.
He's a political player. Expect him to make Newsweek even more of a DNC PR platform than it has been.
17 posted on 07/30/2010 6:22:25 AM PDT by PapaBear3625 (Public healthcare looks like it will work as well as public housing did.)
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To: PapaBear3625
Expect him to make Newsweek even more of a DNC PR platform than it has been.

How?
/sarc

18 posted on 07/30/2010 6:24:09 AM PDT by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: abb

This Lasry, Moroccan, hedge fund, bankruptcy fellow was just mentioned a few articles ago.

He attended last nights Stalinesque $30,000 lib fund fundraiser dinner with all the fashion designers begging for more jobs.

The one where dumbo, like Stalin, ate alone. This tells me, he’ll be the new owner of Newsfreak.


19 posted on 07/30/2010 6:24:34 AM PDT by SanFranDan
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To: PapaBear3625

That would be very difficult...............


20 posted on 07/30/2010 6:24:48 AM PDT by Red Badger (No, Obama's not the Antichrist. But he does have him in his MY FAVES.............)
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To: All
Imagine an issue of Newsweek from 1966. Strip it down to its dubious content by removing all advertising. You end up with an anorexic magazine. That's today's Newsweek. A featherweight.
21 posted on 07/30/2010 7:31:43 AM PDT by Milhous (Confusion to our enemies.)
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To: Milhous

Many years ago, maybe ten, I literally did that with Time tearing our every ad page to see how much was actually news. The ad content was probably 60% or better. Recently though, because of their loss of advertisers, there is no reason to do the same exercise as the DNC circular of a magazine looks just plain anemic.


22 posted on 07/30/2010 8:14:52 AM PDT by SanFranDan
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To: abb; All

I have long maintained that the only reason that the newsweeklies continue to survive is that doctors, dentists, and other medical practioners order them for their waiting rooms...it’s the only time I ever glance at one..however, the recent trend is for a flat screen in the waiting room..these are PAID for by various companies that package content and advertising..the ultimate captive audience, if you will..so I think that many will soon not renew their subscriptions...


23 posted on 07/30/2010 10:10:01 AM PDT by ken5050 (Save the Earth..It's the only planet with chocolate!!!)
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To: ken5050

Control of information has ALWAYS been a matter of the distribution system.

Now that distribution is unlimited, the unit value of the information decreases and can no longer pay for the antiquated methodology formerly used to document the information.

Why must trees still die to put ink on paper to document typed words that you and I are doing at this very instant?

Why must huge stables of overpaid actors be on retainer to do movies that amateurs can produce?

Why an expensive studio, local TV tower and transmitter, and national microwave network be required to do what you or I can do with a handycam and internet connection?


24 posted on 07/30/2010 10:56:10 AM PDT by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: abb

Yep, but it’s sad. I think all “old” media will end up being entirely supported by the parties.


25 posted on 07/30/2010 2:38:13 PM PDT by LS ("Castles made of sand, fall in the sea . . . eventually." (Hendrix))
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To: abb
Interesting couple. She is 65, he is 91. Apparently he is looking to add 'publisher' to his obituary. I wonder what his long term plans are for the magazine.
26 posted on 07/30/2010 4:13:23 PM PDT by Lucius Cornelius Sulla (Good night. I expect more respect tomorrow - Danny H (RIP))
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To: abb

3 liberal Jews in the running to buy a dead liberal mag already owned by a half Jewish liberal

how exciting

are there no conservative goyim interested?

any conservative Jew in the media-publishing interested...if there are any?

any journolist at all?

some conservative Christian or the rare right wing Jew needs to buy some media properties...they are killing us here


27 posted on 07/30/2010 4:24:58 PM PDT by wardaddy (effed up times..)
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To: abb

28 posted on 08/02/2010 3:49:41 PM PDT by GOPGuide
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To: Red Badger
The buildings might be worth something at liquidation:


29 posted on 08/02/2010 3:50:47 PM PDT by GOPGuide
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To: abb
"In seeking a buyer for Newsweek, we wanted someone who was both extremely rich and extremely old, and therefore someone who could both afford to absorb almost unlimited future losses and wouldn't understand that a printed weekly news magazine is about as relevant as the rotary-dial telephone in the age of the Internet feels as strongly as we do about the importance of quality journalism," said Post Co. Chairman Donald Graham in a statement.

There, fixed it.

30 posted on 08/02/2010 5:48:17 PM PDT by catnipman (Cat Nipman: Made from the Right Stuff!)
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