<P> The financial results for 2009 as reported by The Washington Post Company showed that advertising revenue for Newsweek was down 37% in 2009 and the magazine division reported an operating loss for 2009 of $29.3 million compared to a loss of $16 million in 2008 . During the first quarter of 2010, the magazine lost nearly $11 million . </P> <P> By May 2010, Newsweek had been losing money for the past two years and was put up for sale . The sale attracted international bidders . One bidder was Syrian entrepreneur Abdulsalam Haykal, CEO of Syrian publishing company Haykal Media, who brought together a coalition of Middle Eastern investors with his company . Haykal later claimed his bid was ignored by Newsweek's bankers, Allen & Co . </P> <P> The magazine was sold to audio pioneer Sidney Harman on August 2, 2010, for $1 in exchange for assuming the magazine's financial liabilities . Harman's bid was accepted over three competitors . Meacham left the magazine upon completion of the sale . Sidney Harman was the husband of Jane Harman, at that time a member of Congress from California . </P> <P> At the end of 2010, Newsweek merged with the online publication The Daily Beast, following extensive negotiations between the respective proprietors . Tina Brown, The Daily Beast's editor - in - chief, became editor of both publications . The new entity, The Newsweek Daily Beast Company, was 50% owned by IAC / InterActiveCorp and 50% by Harman . </P>

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