Authoritative American magazine Newsweek announced that an agreement was sealed selling it over to audio equipment pioneer Sydney Harman.

The price of the transaction is not clear, but it is rumored that the magazine will change owners for the symbolic price of USD 1.

Since 1961 Newsweek has been owned by the Washington Post Company.

Donald Graham, chair of the Washington Post Company voiced conviction that Harman is someone who will take good care of the flagship magazine and further its tradition of top quality journalism.

Among the other bidders for the purchase, Harman has also pledged to keep the most employees. Newsweek has been experiencing financial troubles and has a debt accrued of around USD 80 M. According to reports, Harman has agreed to assume responsibility of that debt.

The businessman nevertheless expressed enthusiasm at acquiring the magazine, calling it a “national treasure”. He said that what motivated his purchase was a desire to synthesize all his previous experience.

Newsweek editor Jon Meacham announced he will leave the magazine after the completion of the transaction, but no new editor has been confirmed this far.