Newsweek is an American weekly news magazine founded in 1933. It was published in four English language editions and 12 global editions written in the language of the circulation region. Between 2008 and 2012, Newsweek underwent internal and external contractions designed to shift the magazine's focus and audience while improving its finances. Instead, losses accelerated: revenue dropped 38 percent from 2007 to 2009. The revenue declines prompted an August 2010 sale by owner The Washington Post Company to audio pioneer Sidney Harman—for a purchase price of one dollar and an assumption of the magazine's liabilities. In November 2010, Newsweek merged with the news and opinion website The Daily Beast, forming The Newsweek Daily Beast Company, after negotiations between the owners of the two publications.