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.

Leave a Reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s