Report: Newsweek sold -- for one dollar

According to several people who have been briefed on the process, Mr. Harman’s bid appealed to Mr. Graham and the Post Company because Mr. Harman has said he would retain a significant number of the magazine’s 325 employees. The financial details of the sale were not known, though one person with knowledge of Mr. Harman’s bid said last week that he would pay $1 in exchange for absorbing Newsweek’s considerable financial liabilities.

Newsweek has struggled through the recession more than most weekly news magazines, losing nearly $30 million last year alone. It was earning that much per year as recently as 2007.