Monday, July 23, 2012

A Beast [Diller] Takes Over the Daily Beast

Barry Diller has taken over the Harman 50% of the Newsweek Corp. In 2007, Newsweek veered sharply left with some whack-job Editors like a guy named Meacham et al. Here's what happened:
Sidney Harman acquired Newsweek from the Washington Post Co in August 2010 for $1 plus the assumption of the magazine's more than $50 million in liabilities. The then-91 year-old Harman, who made his fortune as the founder of audio equipment giant Harman International Industries, viewed owning Newsweek, which had gone from earning $30 million in 2007 to losing the same amount just two years later, as more of a philanthropic effort than an actual business endeavor.

Of course, the print business was heading downward, but Newsweek had the worst lineup of duds in living memory. Newsweek went the farthest left the fastest and it's prayers were answered.

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