UPDATE, 5:20 PM: The Washington Post Co. has now officially announced the sale of Newsweek to Sidney Harman.

In a press release, both Post Co. Chairman Donald Graham and Harman himself stressed that no major changes would be coming. Graham said Harman "has pledged not only to continue to produce a lively, compelling and first-rate news magazine, but also an equally dynamic Newsweek.com - and he intends to keep a majority of Newsweek's very talented staff."

Editor Jon Meacham also confirmed he will step down when the sale is complete.

In an email to the Newsweek staff, Meacham said that, over the summer, he "decided that the change in ownership was a natural occasion for me to move on, and I told Don and Ann [McDaniel, Managing Director of NEWSWEEK] that I would see the magazine through the sale and then explore what may be next for me."

Meacham said he wishes Harman "all the success in the world. As I have told him, no one will be rooting for him, for you, and for the institution more than I will. The journalism you create matters to the country and to the world, perhaps now more than ever."

ORIGINAL POST: Stereo equipment billionaire Sidney Harman has purchased Newsweek from the Washington Post, according to reports.

The New York Times reported Monday that Harman -- who has been seen as the frontrunner for the magazine -- had all but finalized a deal to acquire the newsweekly.

AdAge's Nat Ives reported shortly thereafter that it was a done deal:

It's official: Sidney Harman, the businessman who made his fortune selling stereo equipment, has secured a deal to buy Newsweek from the Washington Post Co. and will announce the deal later Monday afternoon.

AdAge reports that Harman "reportedly bid $1 for the magazine but agreed to assume the magazine's liabilities; those details could not be confirmed on Monday."

The New York Times reported last week that Harman planned to "keep the vast majority of Newsweek's 325 employees in their jobs, including the magazine's top management and editors."

Harman's wife is California congresswoman Jane Harman.

UPDATE: The New York Post's Keith Kelly reports that Newsweek editor Jon Meacham will leave the magazine when Harman purchases it from the Washington Post:

Newsweek Editor-in-Chief Jon Meacham is expected to exit after the deal to sell the magazine to stereo-mogul Sidney Harman is completed, The Post has learned. "Meacham has told [Harman] he should look for a new editor and is ready to leave when one is found," said a source close to the situation.