NEW YORK (

TheStreet

) --

Newsweek

chairman Sidney Harman died at age 92 on Tuesday night. The business mogul died in Washington from leukemia,

Daily Beast

reported.

In August 2010,

Harman, also the founder of audio and video equipment company Harman International (HAR) , bought Newsweek

from

The Washington Post

(WPO)

for $1.

Newsweek

magazine was founded in 1933, and was purchased by the Post in 1961.

Sidney Harman

"

Newsweek

is a national treasure," Harman said at the time. "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."

After a few months of negotiations,

Harman merged the magazine with Daily Beast in November 2010

.

The two news outlets agreed that the joint venture would be equally owned by Harman and Barry Diller, CEO of

Daily Beast's

parent company

IAC/InterActive

(IACI)

.

Tina Brown, co-founder and editor in chief of

Daily Beast

, became the new editor in chief at

Newsweek

magazine, and Stephen Colvin became the CEO of the joint company.

Without Harman,

Newsweek's

future is "once again in doubt,"

Forbes

blogger

Jeff Bercovici

said.

Last year, Harman said that his family was interested in continuing to own and run

Newsweek

, according to

Forbes

.

But now reports speculate on the future of

Newsweek

without Harman and whether his family members will show the same level of commitment to the magazine.

--Written by Theresa McCabe in Boston.

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