Newsweek owner Sidney Harman dies at 92

Sidney Harman, who purchased ailing weekly magazine Newsweek in August of 2010, has died, The Daily Beast is reporting.

Harman, a “stereo equipment mogul,” purchased the struggling property late last summer for a buck and the assumption of Newsweek‘s liabilities. In November, The Daily Beast gobbled up Newsweek, supplanting its website. The new media property was the first to post about Harman’s death in the form of a statement from the Harman family:

Sidney Harman died last night of complications from acute myeloid leukemia at the young age of almost 93. He first learned of his illness one month ago and remained vigorously engaged as Executive Chairman of Newsweek, and Chairman of the Academy for Polymathic Study at the University of Southern California. He died in Washington, D.C., a city he loved and supported in so many ways, surrounded by his wife and children. Funeral arrangements will be private. Celebrations of Sidney’s extraordinary life will be held both in Washington and Los Angeles, at dates still to be determined.

Harman is survived by his children and his wife, former Democratic congresswoman Jane Harman.