Harman made the winning bid at auction. The deal was announced earlier this week, but financial terms were not disclosed.
"The resulting gain or loss at closing is not expected to be material to the financial position of The Washington Post Company," an official announcement read.
In a statement, Sidney Harman commented: “Newsweek is a national treasure. I am enormously pleased to be succeeding The Washington Post Company and the Graham family and look forward to this journalistic, business and technological challenge.
MMR, a US trade publication for the music equipment industry called Newsweek an “ailing publication” and noted that that the magazine could have made a loss approaching $70 million this year, according to reports.
Newsweek.com stated that the magazine's editor Jon Meacham would be leaving the company after the sale process is complete. CEO Tom Ascheim is expected to remain in his role under Harman's ownership.