WASHINGTON, DC – The winning bidder for Washington Post Co.'s Newsweek, it turns out, is the 91-year-old founder of Harman International, Sidney Harman.
News sources had cited Harman as a front-runner due to his announced intention of keeping most of Newsweek's current staff – at least 250 of 325 – on the payroll.
Financial terms of the deal were not disclosed, but news sources indicated that losses at Newsweek could approach $70 million this year.
For more information, please visit www.harman.com and www.newsweek.com.
