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Audio tycoon Sidney Harman has acquired the possession of famous American magazine 'Newsweek' from The Washington Post Company. This has been announced in a latest statement by the WP. The deal was completed Monday morning, and Harman, 91, beat several other bidders to win the deal.

The Washington Post Company had the possession of Newsweek for almost half a century. It purchased the magazine in the year 1961. The magazine was founded Feb 17, 1933.

In the wake of latest move by the company, it was speculated that the employees will have to face expulsion. But they are assured after Donald Graham (chairman and CEO, The Washington Post Company) said that Harman has promised to keep most of the magazine's staff.

The terms of the deal were not announced, but Newsweek website quoted sources close to the negotiations as saying Harman has agreed to pay a small amount in cash and to assume tens of millions of dollars in financial obligations.

Newsweek's editor Jon Meacham also announced he will be leaving the company once the sale is complete. No decision on who will replace Meacham has been made.

Tom Ascheim, Newsweek's current chief executive officer, will remain in that role under the new ownership. The deal is expected to be concluded by the end of this month or early September.

In a press release, Harman said Newsweek is a national treasure, and he is enormously pleased to be succeeding The Washington Post Company and the Graham family and looking forward to this great journalistic, business, and technological challenge.

Washington Post Company chairman Donald Graham announced in May that company had decided to sell Newsweek, which had been plagued by advertising revenue drop and circulation decline. It lost more than $28 million last year, as its advertising revenue dropped 37 percent.