Kate Ward
April 13, 2011 AT 02:36 PM EDT

According to The New York Times, Sidney Harmon, the chairman of Newsweek and The Daily Beast, passed away Tuesday in Washington at the age of 92. Harmon — who died from complications of acute myeloid leukemia — had found fame and fortune in the 1950s after co-founding Harmon/Kardon, a company that manufactured audio equipment for cars and home. He parlayed that success into a future in media much later in life, purchasing Newsweek at 92 years old in 2010 and merging the magazine with The Daily Beast. Harmon was also a arts patron — he donated $20 million to the Shakespeare Theater Company — and wrote two books: the analytical 1988 read Starting With the People and a 2003 autobiography, Mind Your Own Business: A Maverick’s Guide to Business Leadership and Life.

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