Haim Saban bids for Newsweek

Expat Israeli billionaire Haim Saban of Power Rangers fame is considering buying Newsweek magazine. In an interview with the Wall Street Journal last week Saban, who had inquired about buying the American news weekly two years ago but was turned …

Expat Israeli billionaire Haim Saban of Power Rangers fame is considering buying Newsweek magazine.

In an interview with the Wall Street Journal last week Saban, who had inquired about buying the American news weekly two years ago but was turned down said, “I would be remiss if I didn’t look at it now, but the world has significantly changed in the last two years, and not for the better.”

Last week, Newsweek‘s parent company, the Washington Post, announced it was putting the magazine up for sale.
Saban said that Newsweek‘s bankers Allen & Company had indicated that there were 70 companies and parties potentially interested in bidding for the title.

According to Mark Sweney of Guardian.co.uk Saban recently bought back the rights to the Power Rangers from Walt Disney in a reported $100m deal. And earlier this month Saban launched a company called Saban Brands that intends to spend $500m to acquire entertainment and consumer brands.

He was recently the subject of a profile in the New Yorker magazine, which says he has also made approaches in the past about buying Newsweek‘s rival Time, and the Los Angeles Times.