NEW YORK (CNNMoney) -- Sidney Harman, the sound pioneer and American businessman who brought high-fidelity to the masses and took control of Newsweek magazine, died Tuesday night from leukemia, according to a family statement on The Daily Beast website.
Harman was 92. The family said the illness was first discovered one month ago. .
Harman, who had broad experience in government and business, made his fortune bringing a sound innovation -- hi-fi -- to market in the 1950s.
In his later life, Harman turned to philanthropy, and most recently made headlines with his purchase of Newsweek from the Washington Post Co. (WPO, Fortune 500) for the grand total of $1.
While that sounds like a song, the news magazine was saddled with debt, and media observers questioned whether a return to profitability was possible.
Late last year, Newsweek announced it would merge with The Daily Beast to form a new entity called The Newsweek Daily Beast Company.
"In an admittedly challenging time, this merger provides the ideal combination of established journalism authority and bright, bristling website savvy," Harman said in a statement at the time of the merger.
Harman's title at the weekly was executive chairman, and he "remained vigorously engaged" in the operations of Newsweek during his last month of life, according to his family.
As for how Newsweek will fare in his absence, media experts were unclear.
"I think it's too early to tell," said Reed Phillips, managing partner at DeSilva & Phillips, a media investment bank. "Whenever you transform a magazine like The Daily Beast was doing with Newsweek, you really have to wait about six months until you see what the results will be." 
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 32,627.97 | -234.33 | -0.71% |
| Nasdaq | 13,215.24 | 99.07 | 0.76% |
| S&P 500 | 3,913.10 | -2.36 | -0.06% |
| Treasuries | 1.73 | 0.00 | 0.12% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 8.29 | 0.05 | 0.61% |
| Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
| Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
| General Electric Co | 13.00 | -0.16 | -1.22% |
| Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
|
Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More |
Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More |
Honda and General Motors are creating a new generation of fully autonomous vehicles. More |
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More |
Whether you hedge inflation or look for a return that outpaces inflation, here's how to prepare. More |
