Money | Newsweek Newsweek Sold to Audio Magnate for $1 Sidney Harman assumes magazine's growing losses By Nick McMaster Posted Aug 2, 2010 3:19 PM CDT Copied Newsweek magazine is displayed on a shelf at a news stand at South Station in Boston, Tuesday, May 4, 2010. (AP Photo/Charles Krupa) Sidney Harman has agreed to buy Newsweek, Advertising Age reports. The 91-year-old stereo-equipment magnate, who is married to Democratic Rep.Jane Harman, will essentially pay nothing for the magazine—the real cost comes in assuming Newsweek's liabilities, which could top $70 million this year. The Washington Post Co. has been looking for a buyer for Newsweek since May, when it announced the magazine would lose money again this year. Revenue from Newsweek's ad pages fell 9.6% over the first half of this year. Harman, best known as the co-founder of the Harman Kardon audio company, plans to trim the magazine's staff from 300-plus to 250. The highest-profile departure will be editor Jon Meacham, reports the New York Post. "Meacham has told [Harman] he should look for a new editor and is ready to leave when one is found," says a source. Read These Next Trumps ends trade talks with Canada. Gavin Newsom has filed a massive lawsuit against Fox News. New York Times ranks the best movies of the 21st century. A man has been deported for kicking an airport customs beagle. Report an error