Post Co. selling Newsweek to Sidney Harman, founder of audio equipment maker

Post Co. selling Newsweek to Sidney Harman

NEW YORK — The Washington Post Co. is selling Newsweek magazine to Sidney Harman, the 91-year-old founder of audio equipment maker Harman International Industries.

The sale marks the close of a nearly 50-year chapter for Newsweek as part of the Post Co.

The magazine 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 loss in 2009, and Newsweek expects to lose money again this year.

In a statement, Post Co. CEO Donald Graham says Harman has pledged to keep most of the magazine’s staff.