It has been announced that Sidney Harman had entered into a contract to buy Newsweek magazine from the Washington Post Company for the token price of one dollar. In this move, Harman assumes the liabilities of the magazine.

As announced in a press release, Washington Post Company Chairman Donald Graham and Sidney Harman himself emphasized that no major changes would be implemented. Graham said Harman “has pledged not only to continue to produce a lively, compelling and first-rate news magazine, but also an equally dynamic Newsweek.com, and he intends to keep a majority of Newsweek’s very talented staff.”

Editor Jon Meacham is confirmed to step down when the sale is complete.

Sidney Harman is the founder of Harman International Industries, and has emerged as the Post’s favorite bidder for the magazine, this according to WSJ, New York Times and others. The seller reportedly favored that Harman, who retired as CEO of the stereo maker three years ago, has made it clear that no plans for deep staff cuts or to alter the magazine’s general editorial direction.