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Revolving Door Newsletter: 08.03.10

WaPo Inks Newsweek Sale Deal; b5media's Hiring

August 3, 2010
The Washington Post Co. plans to sell Newsweek to Sidney Harman for $1 and the assumption of millions in debt. The 91-year-old new owner, who made his fortune in the audio equipment business, called the magazine a "national treasure." He's also a philanthropist, which is a key factor, as purchasing the money-hemorrhaging publication basically amounts to charity. Harman says he'll retain most of the staff -- although editor Jon Meacham will leave after the sale -- demonstrating that he's serious about keeping Newsweek alive (and in the red). Still, there's "panic" in the newsroom...