A loudspeaker includes a woofer having a first permanent magnet disposed substantially within a center pole having an associated magnetic polarity and generating a flux path through an air gap, a voice coil at least partially positioned in the air gap and having an inside diameter larger than an outside diameter of the first permanent magnet, a frame, a spider connecting the voice coil to the frame, and a diaphragm connected between the voice coil and the frame. A tweeter is generally coaxially positioned relative to the woofer and includes a second permanent magnet. A third permanent magnet is coaxially positioned between the woofer and the tweeter. A non-magnetic structure may encompass the third permanent magnet.