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Harman reportedly inks deal to purchase ‘Newsweek' From Wash Post Co.

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New York—Stereo equipment tycoon Sidney Harman has secured a deal to buy Newsweek from the Washington Post Co. and will announce the deal later this afternoon, according to several reports.

Harman reportedly bid $1 for the magazine, but agreed to assume the magazine's liabilities; reports also say he will retain 250 of Newsweek's employees. Washington Post Co put Newsweek on the block ion May, saying it could no longer make money with the publication, which was introduced in 1933.

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