NEWSWEEK IS SOLD – AT 7:59 P.M. ET:  Newsweek, which has struggled to find an identity in recent years as its financial situation deteriorated, has been sold to Sidney Harmon, the hi-fi equipment magnate.  He is the husband of Democratic Congresswoman Jane Harman of California.

Newsweek announced its own sale to Sidney Harman and said that Jon Meacham, the magazine’s editor for the past four years, was stepping down.

Meacham is a gifted writer and historian, but was less inspired as an editor.

In a Washington Post news release, Mr. 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.”

Mr. Harman, the 91-year-old audio pioneer, has joined the ranks of Mortimer B. Zuckerman, David Bradley and Laurence Grafstein, who all made their money in ventures outside publishing then chose to take over struggling national publications.

Got to give the man credit.  He's 91 and buying a magazine. 

As the sale process played out over the last two and a half months, The Post and its chairman Donald E. Graham have turned away several potential buyers whom they believed would lead the magazine in a markedly different editorial direction or make deep staff cuts. Mr. Graham, who is said to be concerned not only with the magazine’s legacy but the legacy of his family’s stewardship of the magazine, wanted the sale to be as nondisruptive as possible.

Translated into English:  The magazine will stay liberal. 

COMMENT:  Harman has a very steep challenge.  Newsweek's deterioration began when its liberal editorial views started affecting its reporting.  I was a subscriber for almost 40 years, but finally gave up when I decided the magazine could tell me nothing.  In the last couple of years, Meacham transformed the publication into a liberal opinion magazine, which is fine.  We have no problem with opinion magazines, as long as they're open about it.

Harman must choose a direction for Newsweek, then pump the money in to make his vision work.  He won't only need deep pockets, but infinite pockets.  I have no advice for him except to economize at home and buy Chevrolets.

August 2, 2010