Dinosaur Media Watch: Newsweek sold for $1

Since the beginning of this blog, I’ve posted about the demise of print journalism. It’s a sad fate that the term, “Print Journalism” is an oxymoron. There’s been almost no journalism in the print media for a couple of decades. Perhaps longer.

That steady march to oblivion has taken another long step. Newsweek, once a member of the weekly news triumvirate of Time, US News & World Report and Newsweek will soon be no more. It has now been disclosed that the sale of the magazine to Sidney Harman was for the princely sum of—one dollar!

NEW YORK — The Washington Post Co. has revealed exactly how much cash that audio equipment magnate Sidney Harman paid for Newsweek magazine this summer: $1.

The Post Co. also agreed to cover up to $10 million of Newsweek’s existing bills. And it will hold on to certain employee pension liabilities, though it did not spell out a dollar figure in a regulatory filing Wednesday.
No one thought Harman paid much for Newsweek, which lost almost $30 million last year amid circulation and advertising declines.

But the magazine’s sale for less than its $5.95-per-issue price on newsstands is still a grim milestone for a brand that was once a prized asset at the Post Co., which bought Newsweek in 1961.

Speculation in the article above is that Newsweek will be merged with, The Daily Beast, a news and opinion site owned by Barry Diller’s media conglomerate, IAC/InterActiveCorp, and run by former New Yorker magazine editor Tina Brown.”

As for my opinion, I think that the demise of a biased liberal rag is a good thing. Think of it as “evolution in action.”

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