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).