Audio Tycoon’s Newsweek Bid Said to Be Favored (Dinosaur Media DeathWatch™)

The New York Times ^ | July 29, 2010 | Jeremy W. Peters

[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

[abb]

The magazine has a negative net worth. It is now a charity case.

[abb]

ping

[abb]

You had predicted this a couple or three years ago.

[CIB-173RDABN]

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

[4rcane]

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

[John O]

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.

[Red Badger]

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

[Zakeet]

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

[abb]

Congresscritter Jane Harman’s husband.

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

[thecabal]

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

[EQAndyBuzz]

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

Ding ding ding, we have a winner.

[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

[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

[abb]

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

[martin_fierro]

Huh. I did not know dat.

[abb]

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

[PapaBear3625]

“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.

[abb]

Expect him to make Newsweek even more of a DNC PR platform than it has been.

How?
/sarc

[SanFranDan]

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.

[Red Badger]

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