Tuesday, August 3, 2010

Industrialist Sidney Harman, husband of Representative Jane Harman (Mommy Party - CA), is going to purchase Newsweek magazine.  Newsweek magazine got me through many a boring Study Hall in North Sunflower Academy's library.  Lordy, I miss it. 

Here's Politico:

(Newsweek owner Donald ) Graham personally chose Harman from among several well-heeled bidders, in part because he would provide the most continuity for the magazine, according to the sources. Harman plans to keep Newsweek as a traditional newsmagazine, with a weekly print edition, and pledged to retain the majority of the magazine’s 350 employees, the sources said.
If this is the continuity they're going for, Newsweek will once again be on the auction block.  In about two years. 

Look closely at the cover.  In addition to the warm and fuzzy celebration of benevolent Statism, look in the top left corner.  "The Blackberry President".  
Our first "tech-savvy" president, if we are to believe Newsweek's glowing description, took Dmitri Medvedev to the headquarters of Twitters.  Yeah, Twitters.   

Here's Ed Driscoll, on another aspect of the buyout:
The Times quoted one person briefed on Mr. Harman’s bid who said his plan would retain 250 of Newsweek’s employees. Newsweek counted 379 full-time staffers at the end of March, according to the sale book posted by PaidContent, but a significant number have left in the time since. Losses at the magazine could approach $70 million this year, this person told the Times. Mr. Harman reportedly bid $1 for the magazine but agreed to assume the magazine’s liabilities; those details could not be confirmed on Monday.
What could cause a once-mighty newsweekly to sell for a dollar? 
Hell, what could cause dollars to be worth fifty cents? 

This is probably the 3rd time I've posted all these Newsweek covers and their parodies (which are becoming harder to detect). 
Maybe it's out of my system now. 
Details of the sale will probably come out sometime today.  I hope the Harman's get their money's worth. 

1 comment:

Nick Rowe said...

Tech savvy because he owns a Blackberry?

If I ran against him for president, the first thing I'd do is challenge him to an intellectual smackdown. I'd suggest we have a panel of the world's experts on economics, military strategy, banking and finance, real estate, philosophy, law, environmental science and medicine ask us tough questions to determine just how much we know (or don't know).

Let's just say that Obama wouldn't be capable of questioning a $100 Jeopardy answer in any of these topics except law. That's not to say I think any other president in the past century would do well either, but I am saying we should take a closer look at the lunkheads we elect.