Filing: Newsweek Sold for $1

Sidney Harman acquired struggling newsweekly from Washington Post for a dollar, according SEC document

A buck. Cash.

That is indeed what Sidney Harman, the 91-year-old audio equipment magnate, paid to buy Newsweek from the Washington Post Company, according to a 47-page regulatory filing made Wednesday by the newspaper publisher — as TheWrap (and plenty of others) reported in August at the time of the sale.

CLICK HERE TO READ THE FILING

Harman also agreed to pay $10 million of the magazine’s existing debt and some employee pensions. The magazine has lost more than $41 million since 2007, including $28.1 million last year and $2.3 million during the first quarter of 2010. According to Advertising Age, Newsweek's losses this year could approach $70 million.

The one-dollar price tag may be shocking — considering it's $4.95 less than Newsweek's current newsstand price — but it’s not unprecedented. In 2008, TV Guide was sold to OpenGate Capital for $1.00  — less than the cover price of a single issue — plus the assumption of its heavy debt.

Meanwhile, “interesting” talks between Harman, Barry Diller and Tina Brown about a potential partnership continue, though nothing appears to be imminent.

And Newsweek still doesn’t have a permanent editor.

Read also: Daily Beast-Newsweek Deal Chances 'at Best 50-50'

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[Photo illustration by TheWrap]