Post Co. discloses Newsweek's price tag: $1 (not a misprint)

[DJ13]

On Wednesday October 6, 2010, 7:11 pm EDT

NEW YORK (AP) -- The Washington Post Co. has revealed exactly how much cash that audio equipment magnate Sidney Harman paid for Newsweek magazine this summer: $1.

The Post Co. also agreed to cover up to $10 million of Newsweek's existing bills. And it will hold on to certain employee pension liabilities, though it did not spell out a dollar figure in a regulatory filing Wednesday.

No one thought Harman paid much for Newsweek, which lost almost $30 million last year amid circulation and advertising declines.

But the magazine's sale for less than its $5.95-per-issue price on newsstands is still a grim milestone for a brand that was once a prized asset at the Post Co., which bought Newsweek in 1961.......

http://finance.yahoo.com/news/Post-Co-discloses-Newsweeks-apf-1017412677.html?x=0&sec=topStories&pos=1&asset=&ccode=