Newsweek owner Sidney Harman dead at 92

Newsweek owner Sidney Harman passed away last night at the age of 92, less than nine months after he struck a widely publicized deal to purchase the iconic magazine. The cause of death was "complications from acute myeloid leukemia," according to a statement released by his family on The Daily Beast, Newsweek's companion website.

"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," the statement reads. "He died in Washington, D.C., a city he loved and supported in so many ways, surrounded by his wife and children." Harman was married to California Rep. Jane Harman.

In a separate Daily Beast item, outgoing longtime Newsweek staffer Jonathan Alter quotes Tina Brown, editor-in-chief of both publications, describing Harman as "a magical man, full of intellectual curiosity and a desire to see Newsweek reflect the pursuit of ideas. ... We very quickly formed both a great editorial relationship and a warm personal friendship. I shall miss him tremendously."

After Newsweek's former owner, The Washington Post Co., put the magazine up for sale last May, Harman -- a philanthropist, academic and former stereo equipment tycoon -- emerged as the unlikely savior of the struggling newsweekly. He agreed to purchase it for $1, plus the assumption of tens of millions of dollars in debt. That fall, he helped broker a deal to merge Newsweek with IAC's The Daily Beast, thus installing Brown as editor.

In meetings with Newsweek staff, Harman was said to come off as charming and vigorous. But given his age, questions about a succession plan lingered.

Asked about the impact of Harman's death on the Newsweek Daily Beast Co., a spokesmen referred The Cutline to IAC Chairman Barry Diller's comments to Alter.

"Three weeks ago, when he told me of his illness he said he and his family wanted to continue as partners in Newsweek/Beast in all events. We will carry on, though will greatly miss his passionate enthusiasm and belief in the venture," said Diller.

"He told me a few days before his death how pleased he was with the new company's progress in the last six months," Alter wrote. "He believed in the mission of good journalism—to shed light on a variety of stories that help us understand the world and to have some fun doing it. He entered our business late in life but at the right time and for the right reasons. We will miss him."

Harman's funeral will be private, but memorial services are being planned for both Los Angeles and Washington D.C.