NY TIMES October 7, 2010
So just how much did Sidney Harman pay for Newsweek?
The bargain-basement price of $1.
The Washington Post Company, which revealed the price tag in a regulatory filing, also agreed to cover up to $10 million of Newsweek’s existing bills, The Associated Press reported. And it will hold on to certain employee pension liabilities, although it did not spell out a dollar figure in Wednesday’s filing.
No one had thought that Mr. Harman, a 91-year-old stereo equipment magnate, paid much for Newsweek, which lost almost $30 million last year amid circulation and advertising declines.
But the magazine’s sale for less than its $5.95-per-issue price on newsstands is still a grim milestone for a brand that was once a prized asset at The Post Company, which bought Newsweek in 1961.
The filing comes as speculation builds that Newsweek may now merge with The Daily Beast, a news and opinion site owned by Barry Diller’s media conglomerate, IAC/InterActiveCorp, and run by Tina Brown, the former New Yorker editor.
In a piece marking The Daily Beast’s second anniversary on Wednesday, Ms. Brown answered the buzz about a deal with Newsweek by saying: “Yes, there have been some interesting discussions going on, as we have with potential partners large and small all the time.”
http://dealbook.nytimes.com/2010/10/07/newsweeks-price-tag-1/?_r=0
He paid too much!!