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Report: Sidney Harman To Buy Newsweek

8/02/2010 03:24:00 PM

This item is outside of TWICE’s usual realm of coverage. And we could not independently verify that reports from the New York Times and Advertising Age are valid, but both media outlets are reporting consumer electronics icon and founder of Harman International, Sidney Harman, will buy newsweekly Newsweek.

The deal is supposedly going to be announced officially later today.

Harman, 91, retired from Harman International in 2008, a company that he founded in 1953. Among his many honors is that Harman was part of the inaugural class of the Consumer Electronics Hall of Fame in 2000.

Newsweek, owned by The Washington Post, has been losing money for some time. Supposedly he will pay $1 and assume the newsweekly’s liabilities.

If Harman can put together a team that can inject just some of the savvy that made his company a leader in the CE industry since 1953, Newsweek may have a shot to survive and thrive.

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