Typically, we are perfectly fine leaving coverage of the question of who will or won’t buy Newsweek to our media-obsessed brethren at Mediaite, because let’s face it, it’s not all that interesting. (Kidding, guys!)
But then, “typically” does not apply when one of the bidders, Haim Saban, made his fortune producing Mighty Morphin Power Rangers and composing the soundtrack for the likes of He-Man and the Masters of the Universe.The Wall Street Journal reports:
Mr. Saban said Don Graham, chairman of Newsweek parent company Washington Post Co., rebuffed him two years ago when he inquired about buying Newsweek. Last week, however, the company announced it was putting Newsweek up for sale after deciding it couldn’t make the magazine profitable.
…
Mr. Saban said when a brand like Newsweek is up for sale, “people are there with enough money that would like to have a say in what happens in the world, and are willing to pay the price.” As for his interest, Mr. Saban was non-committal. “If we believe it’s an opportunity, we’ll make a move and if we don’t believe it’s an opportunity then we won’t,” he said.
Incidentally, Saban just bought the Power Rangers brand back from Disney in a deal that was announced yesterday. Coincidence?
