Perhaps you wish that you had made a bid to become the proud new owner of iconic magazine Newsweek, sold recently by the Washington Post to Sidney Harman. Especially when you learn that if you decided to forgo a dessert item at a fast food restaurant, you’d probably have more than enough cash on hand to outbid Harman.
And when you learn that – if you act now – WaPo will throw in a hefty wad of cash along with the magazine, you may really be kicking yourself. Well, think again.
The price Harman is paying for Newsweek is one dollar. That’s one slip of paper with an engraving of George Washington on the front and an eyeball-topped pyramid on the back.
However, soon after putting your name at the top of the magazine’s masthead, you would find your mailbox stuffed with bills associated with the $47.3M worth of liabilities you will be assuming. Well, not quite that much. WaPo will kick in $10M to defray those liabilities.
Nevertheless, you will still be stuck with a massive pile of bills to pay, tied to a publication that was bleeding red ink. So you might just as well go ahead and enjoy your fast food dessert after all.