The New York Times had reported on Monday that Harman was in serious talks to purchase the magazine - and was the frontrunner in the race to buy it throughout the time it was on the market.
Ad Age, an industry publication, said that the billionaire "reportedly bid $1 for the magazine but agreed to assume the magazine's liabilities."
Harman has said publicly that he intends to keep the vast majority of jobs at the newly-purchased publication, including most of the top editorial and management staff.
