In a regulatory filing today, the Washington Post Co. revealed that audio equipment magnate Sidney Harman paid a mere $1 for Newsweek magazine this summer.
The Post also agreed to cover tens of millions of dollars in liabilities, though today’s filing did not spell out a dollar figure.
A copy of Newsweek sells for $5.95 at newsstands.
Newsweek lost almost $30 million last year in the wake of advertising and circulation declines. The Post Co. bought Newsweek in 1961.