NEW YORK (
) -- The
has finalized the sale of
magazine Dr. Sidney Harman.
The sale was originally announced on Aug. 2.
"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 Washington Post CEO Donald Graham. "He has pledged not only to continue to produce a lively, compelling and first-rate news magazine, but also an equally dynamic Newsweek.com -- and he intends to keep a majority of Newsweek's very talented staff."
Dr. Harman is the founder of audio and video equipment company
"Newsweek is a national treasure," Dr. Harman said, "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."
The financial terms of the agreement were not disclosed. In its second quarter financial report Washington Post management said the gain or loss at the closing of the sale is "not expected to be material to the financial position of the company."
, the media company reported the struggling financial state of the magazine. Advertising revenue was down 37% in 2009, which followed a 14% decline in 2008. The company reduced the magazine's circulation rate base from 3.1 million to 2.6 million in 2008, then down to 1.5 million in January 2010.
Washington Post shares are down almost 1% today to around $386.35.
-- Written by Theresa McCabe in Boston.
>To contact the writer of this article, click here:
>To follow the writer on Twitter, go to
>To submit a news tip, send an email to:
Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.