It's done: The Washington Post Company has agreed to sell Newsweek to Sidney Harman.
The Post and Harman, the 91-year-old audio equipment magnate, agreed to the deal on Monday.
As TheWrap previously reported, Harman will pay a "small amount of cash" and assume the magazine's heavy deby load, an arrangement similar to TV Guide's 2008 sale to OpenGate Capital — which was one of Newsweek's reported suitors.
As part of the agreement, Newsweek editor Jon Meacham announced he will be leaving the company once the sale is complete.
According to Newsweek, Harman beat out several other finalists, including former U.S.