The Washington Post is going to sell the Newsweek magazine to the founder of the firm Harman International Industries Mr. Sidney Harman. Harman won the Newsweek magazine in an auction which includes OpenGate Capital, owner of TV Guide and Fred Drasner etc.

Before this the Washington Post owned that US weekly news magazine for nearly last 50 years. The magazine has been running in loss for last few years.

The magazine has lost about 11 million dollars in the first quarter of this year that's why the firm Washington Post decided to sell it. The chief executive of the Washington Post, Mr. Donald Graham has said that, they needed a strong party who can handle the quality journalism of the magazine.

The amount paid for the deal was not unveiled but the newspaper publisher retains the pension assets. The Newsweek magazine has about 300 employees and it was put on sale on last May. This magazine has also struggled like others in the world for the falling advertising revenues.

Meanwhile the magazine suffered with loss of readers as the news readers got attracted to the online news websites for latest and fresh news.