An audio equipment magnate dug into his pockets, fished out some loose pocket change and bought Newsweek in August for $1. We’re not talking about a single issue at a news stand, but the entire magazine operation.

The Washington Post reports its eponymous parent company sold Newsweek for $1 to 92-year-old former U.S. Under Secretary of Commerce Sidney Harman.

Before you crack wise that you would have paid as much as $5 to own the prestigious magazine, bear in mind that Harman is taking quite a risk, agreeing to take on $10 million of the magazine’s debt, as well as its broken business model that lost $30 million last year.

Post Co. discloses Newsweek’s price tag: $1 [The Washington Post]

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