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Harman acquires ‘Newsweek’

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New York—Stereo equipment tycoon Sidney Harman late Monday agreed to acquire Newsweek from the Washington Post Co. Financial terms of the transaction were not disclosed, but reports pegged the price at $1 plus total expenses (reported to be around $180 million) and liabilities.

“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-CEO of the Washington Post Co., in a news statement. Harman has pledged to keep a “majority” of Newsweek’s more than 300 employees, Graham added.

Allen & Co. advised the Post on the transaction.

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