Newsweek to have a new owner

WASHINGTON, Aug. 3 (UPI) -- The Washington Post Co. said it found a buyer for its floundering U.S. weekly news magazine Newsweek, but did not disclose a price.

The Post reported Tuesday that little or no cash would be exchanged in the deal, but that the new owner, Sidney Harman, founder of Harman Kardon, an electronic stereo business, had committed to spending tens of millions of dollars on the publication.

On Monday, the Wall Street Journal said a deal was imminent and that Harman had won over other bidders by agreeing to maintain the Newsweek's staff of about 375 employees.

One of the bidders who lost out will lose his job. Newsweek editor Jon Meacham sought investors to mount a bid for the magazine. He will resign when the deal with Harman is complete, the Post said.

In announcing the sale, the Post Co. said there had been no decision made on keeping employees. The Post, however, remains obligated to cover Newsweek's pension plan.

Harman said Monday, "I do this because I see working hands-on at Newsweek as the culmination of a lifetime career in industry and government and education."

"My wife has absolutely nothing to do with this, other than wishing me the best," he added, referring to Jane Harman, who is a Democratic congresswoman from California.