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Wed Oct 14, 2020, 04:12 PM

NY Post background:

November 1976, it was announced that Australian Rupert Murdoch had bought the Post from Schiff with the intention she would remain as a consultant for five years.[33] It later emerged that Murdoch bought the newspaper for US$30.5 million.[4] The Post at this point was the only surviving afternoon daily in New York City and its circulation under Schiff had grown by two-thirds, particularly after the failure of the competing World Journal Tribune. However, the rising cost of operating an afternoon daily in a city with worsening daytime traffic congestion, combined with mounting competition from expanded local radio and TV news cut into the Post's profitability, though it made money from 1949 until Schiff's final year of ownership, when it lost $500,000. The paper has lost money ever since.[9]

In late October 1995, the Post announced plans to change its Monday through Saturday publication schedule and begin issuing a Sunday edition,[34] which it last published briefly in 1989.[35] On April 14, 1996, the Post delivered its new Sunday edition at the cost of 50 cents per paper by keeping its size to 120 pages.[36] The amount, significantly less than Sunday editions from The New York Daily News and The New York Times, was part of Post's efforts "to find a niche in the nation's most competitive newspaper market".[37][36]

In December 2012, Murdoch announced that Jesse Angelo had been appointed publisher.[38]

Because of the institution of federal regulations limiting media cross-ownership after Murdoch's purchase of WNEW-TV (now WNYW) and four other stations from Metromedia to launch the Fox Broadcasting Company, Murdoch was forced to sell the paper for $37.6 million in 1988 to Peter S. Kalikow, a real-estate magnate with no news experience.[39] In 1988, the Post hired Jane Amsterdam, founding editor of Manhattan, inc., as its first female editor, and within six months the paper had toned down the sensationalist headlines.[40] Within a year, Amsterdam was forced out by Kalikow, who reportedly told her "credible doesn't sell ... Your big scoops are great, but they don't sell more papers." [41]

When Kalikow declared bankruptcy in 1993,[39] the paper was temporarily managed by Steven Hoffenberg,[39] a financier who later pleaded guilty to securities fraud;[42] and, for two weeks, by Abe Hirschfeld,[43] who made his fortune building parking garages. After a staff revolt against the Hoffenberg-Hirschfeld partnership—which included publication of an issue whose front page featured the iconic masthead picture of founder Alexander Hamilton with a single teardrop running down his cheek[44][45]—the Post was again purchased in 1993 by Murdoch's News Corporation. This came about after numerous political officials, including Democratic governor of New York Mario Cuomo, persuaded the Federal Communications Commission to grant Murdoch a permanent waiver from the cross-ownership rules that had forced him to sell the paper five years earlier.[39] Without that FCC ruling, the paper would have shut down.“
(emphasis mine)
[link:https://en.wikipedia.org/wiki/New_York_Post|

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