AdAge broke the story:

NEW YORK (AdAge.com) — It’s official: Sidney Harman, the businessman who made his fortune selling stereo equipment, has secured a deal to buy Newsweek from the Washington Post Co. and will announce the deal later Monday afternoon.

The New York Times and others have previously reported that Mr. Harman was the front-runner to come away with the news weekly, but have cautioned that no deal was certain. Politico’s Playbook e-mail newsletter this morning said a deal with Mr. Harman was imminent, but also cautioned that “no deal like this is done until it’s done.” The deal is now done, according to people familiar with the process.

Mr. Harman and the Washington Post Co. declined to comment.