Deal For Newsweek Close To Completion (Liberal millionaire to buy dying magazine for $1)

NY Times ^ | 8/2/10 | JEREMY W. PETERS

[jimbo123]

A deal to sell Newsweek to a 91-year-old stereo equipment magnate could be announced as early as today, a move that would signal the end of a half-century of ownership by The Washington Post Company.

[jimbo123]

Harmon is not taking over any debt or pension obligations for Newsweek. WaPo is assuming those liabilities.

He is only agreeing to cut no more than 35% of staffing, keep liberals like Zakaria and Clift employed, and fund future operating losses after the buy is completed.

[Texas Fossil]

If the 91 year old dies next year, his relatives would only get 45% of Newsweek.

Assets = Liabilities

The last time I looked $0 X .45% = $0

And the offspring will still run the company. (for a while)

[EyeGuy]

“Dude! I love it! Can I come over next ritual day and help?”

########

Sure can.

Your shopping list:

For the ritual itself:

High octane gasoline.
A wide variety of ammunition and explosives.
Shredder oil.
Lighter fluid. The bad ass kind.

For us:

Cigars. A tasty and fragrant Maduro blend preferred.
Beef.
American, English, Irish or German Beer.
Scotch.

[nutmeg]

Let it friggin’ die.

I agree... I was looking forward to Newsweak's demise.

[Senator Pardek]

A deal to sell Newsweek to a 91-year-old stereo equipment magnate

He can fix it - he's got an awesome set of tools!

[jimbo123]

The taxpayers will pay for Newsweek since the losses will be written off and carried forward.

[Still Thinking]

Oh, you're a scotch guy....ah, well....

Can I bring bourbon instead? All that other stuff is already in stock, of course.

[EyeGuy]

Bourbon, Whiskey, Rye, Single Malt, Blended.

It all works.

Just none of that pussified/sweetened/flavored/spiced crap that will make you barf.

And mentally ill.

[Texas Fossil]

How long since they showed a profit?

Tax deductions are applied to offset profits.

[Still Thinking]

Just none of that pussified/sweetened/flavored/spiced crap that will make you barf.

Oh, no kidding. Sheesh.

[VideoDoctor]

A PUBLIC bailout by a YESTERYEAR investor.

[VeniVidiVici]

Great. Now I’ll have to watch that movie tonight :-)

[CriticalJ]

The relatives might say take all of it. We don’t want the 45% and if the government ran it, no one would be able to tell the difference in terms of content.

[jimbo123]

3 years ago. they can carry forward losses.

[Buckeye McFrog]

So it’ll be Mother Jones with massive supermarket distribution. Big friggin’ deal.

[bcsco]

Yeah, but I think it had to do more with the green than the love...

[sbMKE]

The heirs stand to lose 55 cents on the deal after inheritance tax.

[yefragetuwrabrumuy]

It makes you wonder how much they lost on Air America. That nightmare was a black hole of money pits.

[Still Thinking]

I was loving every second. Envision one of those displays that scrolls time or money displaying the net worth of the guys that were operating Air America. You could watch them getting poorer by the second.

[catnipman]

"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.