77-year-old Newsweek magazine 'sold for US$1'

NEW YORK - AUDIO equipment magnate Sidney Harman (photo) has agreed to buy loss-making Newsweek from the Washington Post Co in a deal announced on Monday. Early cover (photo) recounts rise of Nazis. Note that name Newsweek was hyphenated then. Harman promised to retain most of the United States weekly's 350 employees and give it a couple of years to reverse losses. Founded in 1933, Newsweek chalked up losses of nearly US$30 million (S$40.5 million) last year and another US$11 million in the first quarter of this year. The Washington Post Co, which bought Newsweek almost 50 years ago, had been looking for a buyer since May. Straits Times and TPG