Skip to comments.Harman Signs Deal to Buy Newsweek From Washington Post Co.
Posted on 08/02/2010 11:08:47 AM PDT by Free ThinkerNY
NEW YORK (AdAge.com) -- It's official: Sidney Harman, the businessman who made his fortune selling stereo equipment, has secured a deal to buy Newsweek from the Washington Post Co. and will announce the deal later Monday afternoon.
The New York Times and others have previously reported that Mr. Harman was the front-runner to come away with the news weekly, but have cautioned that no deal was certain. Politico's Playbook e-mail newsletter this morning said a deal with Mr. Harman was imminent, but also cautioned that "no deal like this is done until it's done." The deal is now done, according to people familiar with the process.
Mr. Harman and the Washington Post Co. declined to comment.
The Times quoted one person briefed on Mr. Harman's bid who said his plan would retain 250 of Newsweek's employees.
(Excerpt) Read more at adage.com ...
Sooooooo, Jane Harman now OWNS NEWSWEAK!!!! WOW...a member of Congress owning a news magazine....hmmmmmmmm.
The government/media complex just got a little more government/media complexy.
I think he is related to Congressman Jane Harman (D) California.
Another very stupid vanity purchase. If his heirs don’t have him declared incompetent I’ll be very surprised.
Losses can be used to offset income..it’s a tax shelter, basically, and higher tax rates make it thus cheaper...
I love this sale. It will only strip this foolish liberal of some of his money. Sidney is married to Jane Harman, liberal congresswoman from California. He plans to keep most if not all of the current staff of the magazine in place. These people love Einstein Insanity.
I don’t think he’s stupid. He must have a plan or has information we don’t. Any business investor I wish them luck including him.
The largest most liberal, anti-Christ print weekly i know of.
Newsweek will remain in secular leftist hands. Harman sits on the boards of the Aspen Institute for Humanistic Studies and the Public Agenda Foundation.
But he sure made some good hi-fi and stereo equipment back in the day. Harman Kardon was no McIntosh, but it was in the top tier of American-made high-end audio gear with Marantz (California), McIntosh (New York), Crown (Indiana), Klipsch (Arkansas), etc.
Then the first Kenwood receivers were shipped from Japan to the USA, and only a few, very high-end makers of audiophile gear remained in the states. Well-know American brands (Marantz, Fisher, Sherwood, etc.) were simply put on Japanese gear. Even Frank McIntosh sold his company to the Japanese and the revered brand name showed up on car stereo gear for a time. (Ugh!)
You mean like how Sam Zell leveraged the hell out of the Tribune Co. and then went bankrupt? Everyone told the old guy to stay away and he wouldnt listen to them.
Harmon's motivation here might be a little different. He's a 91 year old semi-incontinent guy with a corrupt congresscritter wife who would like to manage the news in her favor..
Good luck with this venture, you senile old fart.
What else can a 91 year old man do to please his 65 year old moonbat trophy wife?
Just throwing his money down a black hole.
I did read that he was a real lib. While mediums like Fox news ascends and much liberal media descends, but continues, it seems like funded propaganda.
HK were up there, as i used to be educated somewhat in that when LPs and cassettes were the thing. I liked Pioneer, but thought they were American!
There, fixed it.