The Washington Post Company says that its spin-off of iconic-yet-troubled magazine Newsweek is complete. It now belongs to billionaire Sidney Harman’s Harman Newsweek LLC. Terms of the transaction were not disclosed. The deal was first made public 8/2/10.
“Newsweek is a national treasure, said Harman at the time the acquisition was announced. “I am enormously pleased to be succeeding The Washington Post Company and the Graham family and look forward to this great journalistic, business and technological challenge.”
WaPo Chairman and CEO Donald E. Graham added, “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.”
One employee not expected to stay on is editor Jon Meacham, who previously announced his intention to exit once Harman takes over.
Allen & Company advised The Washington Post Company on the transaction. Harman was advised by Guggenheim Securities, LLC. Covington & Burling LLP served as lead counsel for The Washington Post Company, and Williams & Connolly LLP represented Harman.