When Newsweek went on the auction block back in May, some good bidders appeared...as well as some unsavory bidders. Thank the journalism god for disposing of the junk-journalistic bidders and keeping Newsweek a mainstream, professional news source!

Jason Fell of FOLIO magazine gives this account: 

The deal is done and the announcement has been made: The Washington Post Co. has wrapped up its auction of Newsweek, selling the ailing newsweekly to audio magnate Sidney Harman. The deal was announced this afternoon.

In announcing the sale, Washington Post Co. chairman Donald E. Graham says: “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. 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.”

Harman [pictured], the 91-year-old founder and chairman emeritus of Harman International, was said last week to be the frontrunner among the bidders. One of the reasons he was the favorite was because he 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.

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