Billionaire scoops up Newsweek for $1

Sidney Harman, a billionaire who made his fortune selling stereos, has purchased ailing newsweekly Newsweek magazine from the Washington Post Company, according to reports.

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. 

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Virgin maverick launches new iPad magazine called...Maverick

Flamboyant entrepreneur Richard Branson, the chairman of the Virgin group of companies, has decided to launch himself head-first into the realm of the Apple iPad with a new magazine that exists only on the device.

The first of its kind, the new magazine - cleverly named Maverick - will have no print companion, and will signify what is considered by many to be a new kind of digital media.

Branson's daughter is reportedly leading the initiative [grunt over nepotism], which will not be available on any other device like Amazon.com's Kindle, which lacks the necessary gloss and design that a magazine-like publication requires.

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Anna Wintour's war against small-business

When a new restaurant opens just 'round the corner form you, the reaction from most of us would be one of joy at the new convenience one can experience when desiring culinary delights. Not Anna Wintour, though.

The Vogue overlord (she's the editor of the magazine) and overall fashion goddess is waging a high-fashion war against a small Jamaican restaurant, named Miss Lily's, from opening near her West Village townhouse.

Somebody not a fan of Jamaican food?

Wintour even went to the trouble of rallying her neighbors in the form of a testimony at a community meeting that was held yesterday.

The Vogue editor, who has been the subject of intense press coverage and interviews - not to mention her own feature length documentary. Oh yeah, and she was also the inspiration for Meryl Streep's character in a little film called The Devil Wears Prada.

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Guess what Oprah gave her staff at O Magazine

Oprah Winfrey, the talk show queen and media empress that presides over the empire that bears her name, may just be the most generous woman on television, or perhaps even the entire media world.

Feeling generous yesterday, Oprah dropped in on the staff that works at her magazine, entitled O, and gave them each, regardless of how long they had worked there, an Apple iPad, a leather case and a cheque for $10,000.

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Magazine industry ad - actually very clever

Click the picture for full size. 

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