They say he’s in no hurry to make a profit. The truth is that he bought it and plans to underwrite losses simply to keep the propaganda flowing.
Congresswoman Jane Harman is his wife...
lol.....Like Mercedes Benz paying Cerberus to take Chrysler off their hands.
Two commies w/one stone.
Pray for America
Double talk from a stereo maker — seems fitting.
The name Harmon used to be associated with top quality stereo equipment. It died years ago along with the quality of the hardware.
How appropriate that that cheapened name is now associated with a junk mag. Liberalism never attaches to anything capable of producing value.
So now Newsweak is owned by a MemBER OF CONGRESS, Jane Harman!!! If this was a Republican Memebre of Congress buying The Washington Examiner it would be FRONT PAGE NEWS EVERY DAY FOR A YEAR!
Is this Harman Kardon?
It's unlikely Harmon has much, if any, skin in the game.
Harmon is too old (91), has too little experience running a news venture (zero) and is too savvy to shell out cash on the hopes of resurrecting a dead dog.
Much more likely scenario: A Harmon shell company assumed both the assets and liabilities for Newsweak with the ComPost still acting as some sort of guarantor.
If one of Harmon's hot young turks can revive the rag, great. If the turk manages to salvage something from the ruins, say 30 cents on the dollar, not so good but better than nothing. If the venture flops completely, at least they're no worse off than right now. Bottom line: Banks - loan stays on the books at full value and performing - for now. WaPoo - shed of deadwood and loans not written off, EBIDTA goes up - for now. Newsweak - alive - for now. Harmon - something for nothing more than sweat - maybe.
It's not an attractive solution, in my opinion, but desperate times call for desperate measures.
From what I’ve seen elsewhere, there was a better offer by another organization that was rejected because the buyers were “too conservative”. Sounds to me like a shareholder lawsuit could be initiated over this.