It's official. The 77 year old magazine Newsweek will remain safely in politically liberal hands. The Washington Post Company put the financially failing periodical up for sale in May, declined two offers from potential buyers deemed politically incompatible in June and has now agreed to sell to Sidney Harman, the 91-year-old founder of a stereo equipment company who just happens to be married to US Representative Jane Harman (D-California).

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Owners of the monthly conservative magazine Newsmax and Thane Ritchie, an Illinois hedge fund manager, were locked out of the bidding process because the Post Company's Chairman and CEO Donald E. Graham did not find them to be suitable stewards for the magazine. According to people familiar with the process, the conservative political ideology of Newsmax's chief executive, Christopher Ruddy, is at odds with the editorial bent of Newsweek, which claims to be apolitical but is often criticized as left-leaning. Mr. Ritchie was viewed as too libertarian in his political views. (source)

But the politics of Mr. Harman are evidently perfectly acceptable to Mr. Graham despite the fact that Mr. Harman served as Undersecretary of the Department of Commerce during the Carter administration and his wife is an eight-term Democratic member of the House of Representatives. "My wife has absolutely nothing to do with this, other than wishing me the best," Mr. Harman said about the acquisition. Harman lawyer Robert Barnett has publicly stated that Newsweek will be owned by Harman Media, which is solely owned by Sidney Harman and his wife will have no ownership stake. (source)

But according to a letter to Newsweek's Managing Editor from Republican Mattie Fein, who is running against Representative Harman in the 36th district, "If Harman International acquires Newsweek, Congresswoman Jane Harman would be in the catbird's seat controlling the news magazine's reporting or editorializing." (Read the complete letter.)

Of course Ms. Fein's concerns might be nothing more than political posturing, but if the Harmans have no interest in using their newly acquired magazine to influence political opinion, why make the purchase at all? Mr. Harman is paying the grand sum of one dollar for Newsweek but total expenses are expected to be about $180 million this year alone and Mr. Harman has agreed to assume much more in liabilities. Evidently that's not what matters to Mr. Harman, who has told friends he is in no hurry to make money on the magazine. (source)

Gee, whatever could this 91-year-old man be in a 180+ million dollar hurry to do?