The Associated Press September 30, 2010, 12:42PM ET

Washington Post closes Newsweek sale

The Washington Post Co. said Thursday it has closed its sale of Newsweek magazine to Harman Newsweek LLC, led by Sidney Harman.

Harman agreed to buy Newsweek in August, ending a nearly half-century chapter for the magazine with the Washington Post.

The companies did not give financial terms of the deal. Newsweek had been struggling to stay profitable amid the poor economy and growing competition online. It posted a loss of nearly $30 million last year and expects another loss this year amid declines in circulation and advertising.

The Post Co. acquired Newsweek in 1961. It had been looking for a buyer since May.

Shares fell $5.96, or 1.5 percent, to $384.09 in midday trading.

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