Harman Newsweek Buys Newsweek Magazine From WaPo

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.

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