Harman Acquires Newsweek

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The Washington Post Co. this week sold Newsweek magazine to audio magnate Sidney Harman. Harman, the 91-year-old founder and chairman emeritus of Harman International, reportedly plans to keep 250 of Newsweek’s current staff of 325. The Washington Post Co. says it will retain the pension assets and liabilities and certain employee obligations arising prior to the sale. Financial terms of the deal were not disclosed

Newsweek’s editor, Jon Meacham, reportedly will leave the magazine after the sale is completed. CEO Tom Ascheim is expected to remain in his role under Harman's ownership.