Leading Newsweek Bidder Would Keep the Majority of Staff

Leading Newsweek bidder, Sidney Harman would keep the vast majority of the magazine’s staff including top editors and management, according to a report by The New York Times.

Harman, a California billionaire, is said to be the leading candidate in the process because his plans for the magazine would allow for the least amount of change to Newsweek. Harman, 91, would buy the weekly for $1 in exchange for Newsweek and all its financial liabilities, which could approach $70 million this year. He would hold onto 250 of Newsweek‘s 325 employees, while keeping the editorial plan intact.
The Washington Post Co. has reportedly turned down NewsMax Media (too ideological) and Avenue Group (too National Enquire-ee). Other candidates still in the running include the publisher of The New York Daily News Fred Drasner. Harman, the husband of Congresswoman Jane Harman (D-Ca.), is in negotiations, but they could break down anytime, according to a source speaking with the NYT.