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Done Deal: Newsweek Sale to Sidney Harman Finalized

Audio equipment magnate takes control of struggling newsweekly, keys from WaPo Co.

The Washington Post’s sale of Newsweek to Sidney Harman is finally complete.

The 91-year-old audio equipment magnate took control of the struggling newsweekly on Thursday, tough months after the acquisition was formally announced.

Harman paid $1 for the magazine, plus assumption of its heavy debt. It will now operate under the newly-formed Harman Newsweek LLC.

Still no word on a permanent editor for the magazine. (Jon Meacham left, as he said he would, a few weeks ago.)

According to TheWrap’s Sharon Waxman, talks have heated up between Harman and Barry Diller’s Daily Beast about a potential partnership — with editor and founder Tina Brown, who would likely become Newsweek's next editor, in favor of a deal.

But the chances of one materializing are “50-50 at best,” according to Waxman’s source.

Meanwhile, the exodus of Newsweek’s editorial talent continues unabated. On Thursday, the National Journal Group announced that Newsweek senior editor Adam Kushner is jumping to the National Journal to become its deputy magazine editor.