Post unloads Newsweek for $1

The Washington Post, which rejected two offers for Newsweek on ideological grounds, has sold the failed news weekly for $1 to Sidney Harman, the husband of Democratic representative Jane Harman (CA). (Harman also agreed to assume Newsweek’s debts.) Harman’s bid won out because he pledged to keep more staff than the other contenders.

The Washington Post is a publicly traded company. I wonder if we’ll see a shareholder lawsuit.

UPDATE: How Newsweek went wrong.

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