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August 4, 2010
And worth every penny!
Why is this man smiling? You can be sure his heirs are weeping.
Founded in 1933, Newsweek chalked up losses of nearly US$30 million (S$40.5 million) last year and another US$11 million in the first quarter of this year.File that under "Last Chance."The Washington Post Co, which bought Newsweek almost 50 years ago, had been looking for a buyer since May.
Mr Harman, who turns 92 today, started a business selling FM radios in the 1950s and built it into one of the largest audio equipment companies in the world. He stepped down as the chief executive of Harman International Industries, which makes JBL and Infinity audio equipment, four years ago.
Taking on Newsweek, which has been far less successful than its rival Time, is a gamble. But it is a chance that Mr Harman said he is eager to take.
Posted by Vanderleun at August 4, 2010 6:27 AM. This is an entry on the sideblog of American Digest: Check it out.
Your Say
He didn't really buy it for a dollar, since he took on their debt. Good to see a man who takes the maxim seriously that you can't take it with you.
Posted by: james wilson at August 4, 2010 8:51 AM
You can take it with you--convert all assets to cash,use the cash to buy what ever amount of plutonium it can, grind the plutonium to dust, drink the plutonium with your favorite drink, and not only will you have taken it with you, you won't have people bothering you for some.
Posted by: St. Thor at August 4, 2010 12:50 PM
I am not sure if there any heirs. His wife is Congresscritter Jane Harman D-CA. As D's go, she is not usually a traitor. She has had dust-ups (cat-fights) with Nancy (I'm the Queen Bee in this Hive) Pelosi. This could be interesting.
Posted by: Fat Man at August 4, 2010 2:15 PM
If he wanted some excitement, he shoulda' just stuck with Viagra.
Posted by: Blastineau at August 4, 2010 2:51 PM
This is probably 103% about debt and politics. Harman gets Newsweek for nothing but assumes some big Newsweek debts.
He can no doubt cover those debts from his own pockets. But why would he? Would you?
And from the creditors standpoint is the debt now more secure or less? It may be neither.
Posted by: KTWO at August 4, 2010 2:52 PM
Maybe he's counting on a taxpayer bailout of Old Media?
Posted by: rickl at August 5, 2010 3:51 PM