Washington Post Company Leaning Toward Sidney Harman’s Newsweek Bid

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<i>Newsweek</i> editor Jon Meacham contemplates his fate.
<i>Newsweek</i> editor Jon Meacham contemplates his fate. Photo: Brendan Smialowski/Getty Images

Both the Times and the Journal today tell us that Donald Graham and the Washington Post Company are leaning toward the bid of stereo magnate Sidney Harman, rather than that of hedge fund Avenue Capital, when it comes to unloading Newsweek. The wariness about the latter comes from Avenue's recent interest in combining back offices with American Media, the publisher of Star and the National Enquirer (Avenue owns a 20 percent stake in that company already). Harman, on the other hand, has promised to keep the majority (250) of the magazine's 325 employees and will take on Newsweek's "considerable financial liabilities" with a purchase price of just $1. There are also still at least two other groups with outstanding bids for the mag.

Post Co. Balks at a Newsweek Bidder's Ties to National Enquirer [WSJ]
Audio Tycoon’s Newsweek Bid Said to Be Favored [NYT]