Earlier today, word broke that Sidney Harman is buying Newsweek from the Washington Post Company. Now, several outlets — including Politico’s Mike Allen and the New York Post’s Keith J. Kelly — are reporting that the magazine’s editor, Jon Meacham, will be leaving after the sale, presumably freeing up the most influential magazine editor and best-selling author to focus on his new PBS program, Need To Know.

After four major bids and much speculation, it’s a done deal: Sidney Harman, the businessman behind one of the world’s largest stereo equipment companies, is buying Newsweek from the Washington Post Company. The company is said to be announcing the deal later today.

At this point it’s just depressing. New York magazine’s Chris Rovzar – the Daily Intel blogger who is absolutely all over the media beat these days — is reporting that the Washington Post Company’s Budget Travel will be the next magazine to fold outright, based on tips from numerous sources. And a brief comment from editor-in-chief Nina Willdorf is none too reassuring.