(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.
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.