'Newsweek' Owner Sidney Harman Dies at 92

Harman International

He passed away Tuesday with complications from acute myeloid leukemia.

Sidney Harman -- the owner of Newsweek and The Daily Beast -- died Tuesday. He was 92.

His family said in statement Wednesday morning: “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 bought Newsweek for $1 in August of 2010.

In November, it was announced Newsweek and the Daily Beast were merging as the Newsweek Daily Beast Co., and Tina Brown would serve as editor in chief.