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Jewish businessman buys Newsweek

Sidney Harman has brought one of the most influential and oldest news magazines in the world – for less than the price of a copy.

August 6, 2010 09:20
California Democratic congresswoman Jane Harman should have no trouble being re-elected today; she was first voted in to office in 1992 and with the exception of two years after a failed gubernatorial attempt in 1998, has been there ever since

By

Jennifer Lipman,

Jennifer Lipman

1 min read

A Jewish businessman has brought one of the most influential and oldest news magazines in the world – for less than the price of a copy.

Sidney Harman, 91, reportedly paid just $1 (60 pence) to purchase Newsweek from its former owners, the Washington Post Company.

The weekly publication, first published in 1933, is estimated to have lost approximately lost £28 million over the past three years.

Mr Harman, who served as the Deputy Secretary of Commerce under Jimmy Carter, has reportedly agreed to keep on the majority of the current staff.

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