NEW YORK (AP) - The Washington Post Co. has revealed exactly how much cash that audio equipment magnate Sidney Harman paid for Newsweek magazine this summer: $1.
The Post Co. also agreed to cover up to $10 million of Newsweek's existing bills. And it will hold on to certain employee pension liabilities, though it did not spell out a dollar figure in a regulatory filing Wednesday.
No one thought Harman paid much for Newsweek, which lost almost $30 million last year amid circulation and advertising declines.
But the magazine's sale for next to nothing is still a grim milestone for a brand that was once a prized asset at the Post Co., which bought Newsweek in 1961.
Copyright 2010 The Associated Press.