The Washington Post Company announced today that it has signed a contract to sell Newsweek to Dr. Sidney Harman, founder of Harman Enterprises. "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," said Donald E. Graham, chairman and chief executive officer of The Washington Post Company. "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."
Dr. Harman said, "―Newsweek is a national treasure. 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."