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  • MANAGEMENT
  • APRIL 14, 2011

Harman Family Affirms Promise to Magazine

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BY RUSSELL ADAMS

With the death of Sidney Harman, Newsweek lost a benevolent owner who had pledged to absorb tens of millions of dollars in losses while the publication righted itself financially.

But representatives for Mr. Harman and Newsweek's co-owner, IAC/InteractiveCorp., said on Wednesday that the 92-year-old's commitment to the magazine will continue well after his death.

"The Harman family will retain its 50% interest and are totally committed to active participation and enthusiastic support," said Mr. Harman's Washington-based attorney, Robert Barnett.

Barry Diller, chairman and chief executive of IAC, said when Mr. Harman told him of his illness three weeks ago, he ...

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