Newsweek, one of the best-known brands in a generally ailing industry, was sold by the Washington Post to Sidney Harman.
Harman, 91, was the founder of Harmon/Kardon, the audio electronics company whose stereo equipment was highly respected by generations of audiophiles.
Harman, a well-known philanthropist, is married to Rep. Jane Harman, a California Democrat known for her interest in national security issues.
Terms of the agreement weren't disclosed but the implosion of the news magazines would suggest a bargain basement price for the property.
From Washington Post Co.'s press release:
"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 E. Graham, chairman and chief executive officer of The Washington Post Company. "He has pledged not only to continue to produce a lively, compelling and first-rate news magazine, but also an equally dynamic Newsweek.com - and he intends to keep a majority of Newsweek's very talented staff."
Dr. Harman said, "Newsweek is a national treasure. I am enormously pleased to be succeeding The Washington Post Company and the Graham family and look forward to this great journalistic, business and technological challenge."
Jon Meacham, Newsweek's editor, announced he would be stepping down. The New York Times Media Decoder blog had details of his e-mail to staff.