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Audio equipment founder Herman to buy Newsweek

08-04-2010 13:35 BJT

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Sidney Harman, the 91-year-old founder of audio equipment maker Harman International Industries Incorporated, has agreed to buy Newsweek. The deal looks to end a nearly half-century chapter for the magazine as part of The Washington Post Company. Jon Meacham, the magazine's editor since 2006, will step down.

Newsweek has been struggling to find a profitable niche amid poor economic conditions and a flood of online competition. Declines in circulation and advertising led to a nearly 30 million U.S. dollar loss in 2009, and the publication expects to lose money again this year.

Harman declined to discuss exactly how he will finance the magazine's operations. But he says he will give Newsweek some breathing room for a turnaround effort. Harman has pledged to keep most of the magazine's staff, currently at about 350.

Editor:Xiong Qu |Source: CNTV.CN

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