Washington Post favours audio tycoon's bid for Newsweek

NEW YORK - A bid by Sidney Harman, a California billionaire who made a fortune in audio equipment, is reported to be a serious contender to buy Newsweek as the Washington Post Company pushes ahead with the sale process.

According to a report in The New York Times, Harman is in the running along with at least two other parties: Fred Drasner, a former publisher of the New York Daily News, and Democratic Party donor and hedge fund owner Marc Lasry.

Newsweek was put up for sale in May following sustained advertising and circulation losses.

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