It was the deal that brought new hope to Newsweek - a merger with Tina Brown's online Daily Beast - but the death of tycoon Sidney Harman, who made it all happen, will NOT derail it, say the family
In a stunning upset for the American media world, Sidney Harman, the multi-millionaire who bought Newsweek magazine six months ago in a bid to save it, has died. He was 92.Tina Brown, editor of the online Daily Beast, which merged with Newsweek in a deal organised by Mr. Harman, said the Harman family's commitment to the print magazine - of which she is also now editor - continues.Ms. Brown said of Mr Harman today on the Daily Beast, "He was a magical man, full of intellectual curiosity and a desire to see Newsweek reflect the pursuit of ideas. "We very quickly formed both a great editorial relationship and a warm personal friendship. I shall miss him tremendously. The family's commitment to the magazine he loved so much is solidly continuing, in partnership with Barry Diller and IAC."IAC chairman Barry Diller confirmed that the Harman family will remain partners in the Newsweek Daily Beast."I feel very privileged to have known Dr. Harman in the last year of his life," said Mr. Diller. "That remarkable brain, filled with so much humour, poetry, and wisdom, was something his new colleagues at Newsweek and The Daily Beast marvelled at. Three weeks ago, when he told me of his illness, he said he and his family wanted to continue as partners in Newsweek/Beast in all events."Mr. Harman, who founded the stereo equipment firm Harman Kardon, died on Tuesday night from acute myeloid leukemia, according to a family statement on The Daily Beast. "He first learned of his illness one month ago and remained vigorously engaged as Executive Chairman of Newsweek, " the statement said. "He died in Washington, D.C., a city he loved and supported in so many ways, surrounded by his wife and children. Funeral arrangements will be private. Celebrations of Sidney's extraordinary life will be held both in Washington and Los Angeles, at dates still to be determined."Mr. Harman agreed to acquire Newsweek, which lost almost $30 million in 2009, from the Washington Post Company last August for just $1 - plus liabilities. He completed the deal on Sept. 30. Announcing the deal, Post CEO Donald Graham said, "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. 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."Mr. Harman said he did not buy Newsweek to make money. "I did not and do not think of this in traditional business terms," he told Newsweek the day the deal was announced. "The purpose of the investment is to provide fuel for the transition of the magazine in its current position into a thriving operation in the print, mobile, and digital worlds.""I'll consider it a victory when it breaks even," he added. "Breaking even is a big deal."Lengthy talks to secure Tina Brown, former editor of Vanity Fair, as Newsweek's new editor finally succeeded on Nov. 12. Ms. Brown said in a post on The Daily Beast describing the merger,"Today, we look at print from the refreshed point of view of an expatriate who sees the old country with new eyes."That will create a great new creative energy -- just as on the business side, it offers a superb dual marketing platform."
