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Politico‘s Mike Allen is reporting that Jon Meacham, Editor of Newsweek, is on his way out. In the meantime, the magazine is reportedly being sold to 91-year-old Sidney Harman, husband to Rep. Jane Harman (D-Calif.).

An excerpt:
The sale is a painful concession for Donald E. Graham, chairman of The Washington Post Co., who personally chose the buyer from among several well-heeled bidders. He had stuck with the magazine, part of his company since 1961, through years of heavy losses.