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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