The Washington Post Co. has officially announced what reporters have been reporting all day: The company is selling Newsweek to electronics tycoon Sidney Harman.

Press release after the jump.

The Washington Post Company (NYSE: WPO) announced today that it has signed a contract to sell Newsweek to Dr. Sidney Harman.

“In seeking a buyer for Newsweek, we wanted someone who feels as strongly as we do about the importance of quality journalism. We found that person in Sidney Harman,” said Donald E. Graham, chairman and chief executive officer of The Washington Post Company.

“He has pledged not only to continue to produce a lively, compelling and first-rate news magazine, but also an equally dynamic Newsweek.com – and he intends to keep a majority of Newsweek’s very talented staff.”

Dr. Harman said, “Newsweek is a national treasure. I am enormously pleased to be succeeding The Washington Post Company and the Graham family and look forward to this great journalistic, business and technological challenge.”

The terms of the asset purchase agreement were not announced; however, The Washington Post Company retains the pension assets and liabilities and certain employee obligations arising prior to the sale. The resulting gain or loss at closing is not expected to be material to the financial position of The Washington Post Company.

Allen & Company advised The Washington Post Company on the transaction. Dr. Harman was advised by Guggenheim Securities, LLC. Covington & Burling LLP served as lead counsel for The Washington Post Company, and Williams & Connolly LLP represented Dr. Harman.