• by Erik Sass  @eriksass1, April 13, 2011

Sidney Harman, the founder of a stereo electronics empire who recently acquired Newsweek and merged it with the Daily Beast, died Tuesday night from complications arising from acute myeloid leukemia in Washington, D.C., where he had a residence.

Harman, who was diagnosed with the disease a month ago, is survived by his wife, the former Democratic Congresswoman Jane Harman, who resigned her seat to lead the Woodrow Wilson International Center for Scholars in February, along with six children, two stepchildren, and 10 grandchildren.

Harman made his fortune by pioneering "hi-fi" stereo sales beginning in the 1950s, but quickly demonstrated a commitment to philanthropic causes, supporting cultural and academic institutions including the Aspen Institute and the Kennedy School of Government at Harvard, among many others. His interest in improving workplace conditions led to his appointment as undersecretary of Commerce by President Jimmy Carter, where he would meet his future wife, then working as a White House aide.

Although it took the magazine industry by surprise, Harman's acquisition of Newsweek from the Washington Post Co. (for $1, plus the assumption of debt and pension liabilities) was in keeping with his long commitment to public service and belief in journalism's critical role in American government and society.

He surprised the business community again by merging Newsweek, a venerable print publication, with The Daily Beast, an edgy online news aggregator headed by former New Yorker editor Tina Brown and backed by entertainment mogul Barry Diller.

Now Harman's passing is throwing the business for another loop. Despite his advanced years, he remained remarkably fit and took pride in looking a good deal younger than his real age, attributing his vigor to regular exercise and a simple diet. While Harman's estate retains control of his share of the combined Newsweek/Daily Beast Company, it's not clear whether his heirs share his vision for reviving American journalism -- perhaps at no small cost to their personal fortunes.

While Harman aimed to put Newsweek on a sound financial footing, it seems likely he planned to subsidize the beleaguered newsweekly, at least in the near term. Total ad pages declined 19.8% from 1,117 in 2009 to 896 in 2010; this was just the latest in a series of sharp declines amid a steep economic downturn and competition from the Internet. The 2010 figure is down 55% from 1,991 in 2006.