Newsweek Magazine Being Sold by Washington Post

Sidney Harman, the founder of Harman International Industries Inc., is near a deal to buy the money- losing Newsweek magazine from Washington Post Co., three people familiar with the matter said. Harman’s bid was selected over offers from Fred Drasner, a former executive at U.S. News & World Report and The New York Daily News, and investment firm Avenue Capital Group, said the people, who declined to be identified because the sale isn’t public yet. It may be announced as soon as today, one person said. Read more here:

Newsweek Magazine Being Sold by Washington Post