The Washington Post Company (WPO) today announced that Harman Newsweek LLC has purchased Newsweek magazine. The agreement with Dr. Sidney Harman, a successful businessman who made his fortune in audio equipment, was announced on August 2, 2010.
The completion of the transaction ends almost a half century of ownership by the Washington Post Company, which bought Newsweek in 1961.
Shares of WaPo fell $4.40, or 1.13 percent, to $385.65 at 11:34 p.m. ET in New York Stock Exchange trading.