Millionaire Sidney Harman recently bought Newsweek for $1 in exchange for taking on its debt. The magazine has lost much of its top staff in recent months.
From the Times:
Newsweek, bled by an exodus of staff members, a rapidly declining readership and a flight of advertisers, is a shell of what it used to be: a member of the prestigious club of weekly magazines that helped set the tone for news coverage.
Dr. Harman’s purchase was seen as a savior for the magazine and a way to help it build back its reputation. But he has struggled to find an editor for three months, leaving the magazine effectively rudderless.
But the Daily Beast partnership not only solves a problem for Dr. Harman, it gives Mr. Diller a print publication, something he has said recently he believes his website needs in order to be profitable.