WASHINGTON (AFP) – Audio equipment tycoon Sidney Harman, who bought Newsweek magazine last year and merged it with The Daily Beast website, died on Tuesday, his family announced. He was 92.

Harman, who was married to Jane Harman, a former congresswoman from California, died in Washington of complications from acute myeloid leukemia, the Harman family said in a statement.

The Washington Post sold money-losing Newsweek to Harman for one dollar last year with the audio equipment magnate also assuming the magazine's unspecified debts.

Harman combined the magazine with news and blog site The Daily Beast and named Tina Brown, The Daily Beast founder and a former editor of The New Yorker, as editor-in-chief of the new media entity.

A former deputy commerce secretary, Harman became a billionaire through Harman International Industries, which makes high-quality audio and other products.