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media metamorphoses

Media Billionaire Joins List of 70 ‘Interested Parties’ in Newsweek Sale

Haim Saban, the 113th-richest person in America, is joining the ranks of the influential investors who have expressed interest in buying Newsweek from the Washington Post Company. When the parent company announced they would put it up on the block last week, Meacham said he was seeking out help from some billionaires to save his magazine. Saban, worth $2.8 billion, certainly counts. (according to the New Yorker, he wants to use a magazine like Newsweek to help protect Israel.) He made a bid for the magazine two years ago, and is taking a "serious look" now — though he told the Journal "the world has significantly changed in the last two years, and not for the better." Still, the magazine told him that they've had 70 interested parties so far, and Saban points out, "people are there with enough money that would like to have a say in what happens in the world, and are willing to pay the price." Saban knows how to make a mark in the world with media: The Israeli-American mogul started his own media empire with the massively successful Mighty Morphin' Power Rangers.

Haim Saban Plans 'Serious Look' at Newsweek [WSJ]

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Photo: forbes.com