Washington Post Sold Newsweek for $1
In a Form 8-K filing disclosing the details of its sale of the magazine to stereo equipment magnate Sidney Harman and Harman Media, Washington Post said the transaction involved the dollar in cash along with assumed liabilities. Later in the filing, the company puts Newsweek's total liabilities as of July 4 at $47.3 million.
The deal also calls for Washington Post to reimburse Harman for $10 million worth of liabilities as part of a "post-closing purchase price adjustment" within 60 days of the transaction's closing, which occurred on Sept. 30. Washington Post announced plans to sell Newsweek on May 5, and reached its agreement with Harman on August 2.
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