Sidney Harman Buys Newsweek

Labelling the 77 year-old magazine as “a national treasure”, Harman is suitor to the turnaround hopes of the publication and its 300 employees. The move represents a significant backing for print media, particularly news media, in an ever-evolving and medium-expanding media world in which many magazines have had to re-strategise their business.

"Harman has pledged not only to continue to produce a lively, compelling and first-rate news magazine, but also an equally dynamic Newsweek.com. He intends to keep a majority of Newsweek's very talented staff," said Donald Graham, Chief Executive of the Washington Post Company, owners of the magazine since 1961.

Harman is the founder of Harman International, the Connecticut-based manufacturer of pro audio, stereos and in-car audio systems. The nonagenarian established the business in 1953 and retired in 2008, although he remains chairman emeritus. The company has nearly 10,000 employees and racked up sales of $2.9bn (£1.8bn) last year. The tycoon is married to Jane Harman, a Democratic congresswoman representing southern California.

www.harman.com