Newsweek sold to stereo tycoon (Dinosaur Media Deathwatch)

AFP ^ | Aug. 2, 2010

[PROCON]

The Washington Post Co. has agreed to sell its money-losing Newsweek magazine to California billionaire Sidney Harman, the firm said Monday. "In seeking a buyer for Newsweek, we wanted someone who feels as strongly as we do about the importance of quality journalism. We found that person in Sidney Harman," said Donald Graham, chief executive of The Washington Post Company.

Harman vowed to retain the majority of Newsweek's 325 employees, although that number is not expected to include editor Jon Meacham, who was reported to be stepping down.

[jessduntno]

Well, when he bought this dog, he got himself the biggest woofer in history...

[Howie66]

ROTFLMAO

A fool and his money are soon parted.

[PROCON]

we wanted someone who feels as strongly as we do about the importance of quality journalism.

ROFLOL, worked out well for ya, didn't it?!

[benjibrowder]

From http://www.newsmeat.com/news/meat.php?articleId=80997757&channelId=2951&buyerId=newsmeatcom&buid=3281
Harman is the husband of Rep. Jane Harman, D-Calif., chairwoman of the House Homeland Security subcommittee on intelligence.

Wasn't this the woman caught giving information to Israel?

[MagnoliaB]

If it was ‘quality journalism’ it wouldn’t be a ‘money-losing’ magazine.

[pfflier]

So the husband of Rep Jane Harmon (D CA) is now owner of newsleak? I seriously doubt that will add to the magazine’s credibility.

[catnipman]

"In seeking a buyer for Newsweek, we wanted someone who was 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.

[penelopesire]

Gads...it will probably be worse now (if that is even possible)....LOL!! Nothing but left wing propaganda and conservative bashing...in other words..not much will change.

[Mobties]

A useful tax write-off for the wealthy husband of a California Democrat Congresswoman.

[Tunehead54]

Not sure about the Israeli thing but sh got her own Wiki page for this doozy: Violent Radicalization and Homegrown Terrorism Prevention Act of 2007 ;-)

[Mr_Moonlight]

Well, when he bought this dog, he got himself the biggest woofer in history...

Well put.

[Ann Archy]

Jane Harmon’s HUSBAND....a MEMBER OF CONGRESS NOW OWNS NEWSWEEK!!

[Hardastarboard]

we wanted someone who feels as strongly as we do about the importance of quality journalism

If I were the purchaser of Newsweek, I would sue the person who uttered this phrase for slander.

[bmwcyle]

He made my first stereo.

[theDentist]

According to Wikipedia: "On August 2, 2010, it was announced that Harman had entered into a contract to buy Newsweek magazine from the Washington Post Company for the token price of one dollar. He also assumes the liabilities of the magazine."

[The Comedian]

He should load up on GM stock while he's at it.

Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

[benjibrowder]

http://www.telegraph.co.uk/news/worldnews/northamerica/usa/5189926/Jane-Harman-recorded-on-wiretap-promising-to-intervene-for-American-Israeli-group.html

Yup. Thought her name seemed familiar. I don't feel bad if a ton of anti-semites at Newsweak lose their job.

[theymakemesick]

A useful tax write-off for the wealthy husband of a California Democrat Congresswoman.

Hmmm, gearing up for a print media bailout and lining up to be a beneficiary?

[Mobties]

Simpler than that, I think. He makes a lot of money ... pays a lot of taxes and next year he'd be paying more without the ongoing losses at Newsweek offsetting his income. And who knows? Harmon is a successful businesman. Maybe he can turn Newsweek around.

I'm assuming he and his accountants can transfer the losses to the Harmon tax return without too much trouble.

The best take on Newsweek is still Iowahawk’s “I need some ‘Me’ time” http://iowahawk.typepad.com/iowahawk/2010/05/i-need-some-me-time.html#more