-By Warner Todd Huston
You may recall the big publishing story of 2010 when stereo equipment magnate Sidney Harman bought financially troubled Newsweek Magazine for $1 in the hopes of revitalizing the venerable old publication into the “thought leader” it once was. Now, since Mr. Harman’s death, his family seems poised to bail on the old man’s publishing charity case and the left-leaning Daily Beast website it is coupled with.
Since Sydney Harman bought Newsweek and took controlling interests in the Daily Beast, neither has become a profitable venture. This has caused the Harman family to re-think their position.
Now, the Harman family has announced that it is pulling back and has stopped investing in the Newsweek Daily Beast joint venture with Barry Diller’s InterActiveCorp (IAC).
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Big Investor Bailing From Support of Newsweek Daily Beast”