It’s official: The Washington Post Company has signed a contract to sell Newsweek to businessman Sidney Harman, 91, the founder and chairman emeritus of Harman International.

Newsweek Editor Jon Meacham has agreed to step down as part of the ownership transition.

According to the post on Newsweek.com, Meacham announced his departure in an e-mail to staff this afternoon: “It has been a privilege beyond measure to have worked for NEWSWEEK and for The Washington Post Company for the past 15 years. I will always be grateful for the opportunity the magazine gave me to serve alongside all of you. For half a century the Graham family created and sustained a culture in which we were able to do good, important work, and I know NEWSWEEK will continue to do so.”

“In seeking a buyer for Newsweek, we wanted someone who feels as strongly as we do about the importance of quality journalism. We found that person in Sidney Harman,” said Donald E. Graham, chairman and chief executive officer of The Washington Post Company, in a press release issued by the company.

Harman made his fortune in audio equipment and is the husband of Representative Jane Harman (D-CA).

WHC Insider News Media Donald Graham, Jane Harman, Jon Meacham, Newsweek, Sidney Harman, Washington Post

Beltway Boys from Vanity Fair article: Jim VandeHei, John Harris, Robert Allbritton, Mike Allen. Photograph by Gasper Tringale.

Don’t miss Michael Wolff’s great article in Vanity Fair.

On the surface, a paean to Politico: “Four old-media veterans may have solved the future of news with the Politico Web site.”

But arguably a look at Washington’s Fourth Estate and the problems facing general interest newspapers, which are losing readers and revenues at a fast clip. The irony? Politico’s print edition is what has edged their business model out of the red and closer to black.

From the article:

“Politico puts its current traffic at 6.7 million unique visitors per month (down from a high of more than 11 million during the campaign), yet it still can’t support its staff of about 100 on the Internet’s low advertising rates (although, with its agenda-moving audience and its preponderance of advocacy advertisers, it manages to get a higher rate than most sites). But one effect of its Internet traffic and notoriety and the ensuing attention of cable news shows is that the original Allbritton idea for a Capitol Hill paper-one that now largely reprints Internet content-has become, with its special-interest-size circulation of 32,000, a major success. Internet cachet, in other words, has enabled a tabloid-size print version of Politico (also called Politico) to thrive and more than double the company’s revenues-which, just about evenly split between Internet and newspaper, will, it appears, be more than $15 million in 2009-meaning, according to C.E.O. Fred Ryan, that Politico, paying its staffers at nearly the level that The Washington Post pays (starting salaries for reporters at the Post are about $45,000 per year), has hit breakeven.”

lrozett News Media Michael Wolff, Politico, Vanity Fair, Washington Post

TomKat and two-time Oscar winner Robert DeNiro will be among the famous faces at the dinner, the Washington Post reports. For more, plus some details on the exclusive Vanity Fair-Bloomberg after-party, click here.

BTriplett WHCD 2009 Guests, Washington Events Katie Holmes, Robert DeNiro, tom cruise, Washington Post

With a president who addresses the nation weekly via YouTube, can you really be surprised that the White House is now on Twitter? The account name is — surprise again — WhiteHouse, and it’s yet another way the Obama administration is trying to get its message out beyond the usual avenue of the White House press corps.

As of this moment, there are nearly 33,000 followers, including at least one White House correspondent — Jake Tapper of ABC News. The media at large have noticed with articles (Washington Post and USA Today, for instance). Doubtlessly more news organizations will as well.

The question: Is a Twittering White House a good thing? Let us know what you think in a comment.

And be sure to follow WHCInsider on Twitter, too!

BTriplett Uncategorized Barack Obama, Jake Tapper, Twitter, USA Today, Washington Post, White House, WhiteHouse