Aug 3, 2010

Harman buys Newsweek for $1 - did he overpay?

According to reports, Sindey Harman (pictured) will buy Newsweek magazine from Washington Post Company for the nominal amount of one dollar.

It sounds like the plot for a film. A billionaire plunks down $1 and walks away with a piece of American history.

Sidney Harman, a man who built his fortune selling sound equipment, is going to be the new owner of Newsweek magazine.

The one dollar price tag, however, is only part of the story.

Harman has agreed to assume the liabilities of the financially troubled left-wing rag.

Good news for the worker bees at Newsweek. The New York Times recently reported that Harman would "keep the vast majority of Newsweek's 325 employees" in place, including managers and editors.

It looks like, instead of going belly up, Newsweek will continue to rant against conservative politicians as well as continue to be one of Mr. Obama's most active cheerleaders.