Murdoch shows interest in buying back New York Post: News Corp chairman discusses waiver of media cross-ownership rules with politicians
Thursday 25 March 1993
Mr Murdoch, who acquired a New York City television station when he bought what is now the Fox TV network in 1986, was obliged to sell the Post because of US laws that forbid cross-ownership of media within a single city. But with the Post about to close and its owners and editors engaged in death-throe theatrics, Mr Murdoch - who lost more than dollars 150m ( pounds 101m) on the Post in the decade he owned it - has apparently lined up political support for a waiver of the rules and a possible bid.
Aides to New York Governor Mario Cuomo confirmed that Mr Murdoch had called him about the paper, which filed for bankruptcy last week after the collapse of negotiations to sell it. Three influential US senators - two of whom opposed Mr Murdoch's attempt to secure a similar waiver in 1988 - also said they would not stand in the way of a repurchase, now that it appeared that the man who controls the Post was likely to shut it down.
News Corp refused to comment yesterday on Mr Murdoch's telephone calls. But several large shareholders and financial analysts expressed surprise that Mr Murdoch would be interested in buying a loss- making newspaper when the rest of his media empire has only recently emerged from a difficult restructuring.
'It's not at all clear whether Mr Murdoch's creditors would allow any acquisition at this time, let alone one that he's has already lost money on once before,' said one Wall Street analyst.
A New York bankruptcy court judge last week awarded control of the Post to local property developer Abe Hirschfeld, who immediately tried to sack a third of its staff, including all of its managers, prompting speculation that he plans to fold the Post and develop the tract of riverfront land that its offices currently occupy.
The newspaper failed to appear last Monday, and the next day emerged with a special issue attacking Mr Hirschfeld.
Before Mr Hirschfeld officially becomes the publisher, however, his bid must be approved by the newspaper's creditors, which include a printing operation owned by Mr Murdoch. A meeting of Post creditors is scheduled for 2 April.
The staff expressed delight at Mr Murdoch's interest yesterday, welcoming the return of a newspaperman who could offer financial stability.
Diving in at the deep end is no excuse for shirking the style stakes
- 2 Belgium fan Axelle Despiegelaere lands L'Oreal campaign after World Cup viral photo
- 3 Why I'm on the brink of burning my Israeli passport
- 5 Blackest is the new black: Scientists have developed a material so dark that you can't see it...
Pope Francis: ‘One in 50’ Catholic priests, bishops and cardinals is a paedophile
Fry ‘criticises Operation Yewtree in dinner party rant’ calling for tougher laws to deter false sex abuse allegations
Supermoon 2014 in pictures: The moon appeared bigger and brighter at the weekend
Saharan remains may be evidence of first race war, 13,000 years ago
Israel-Gaza conflict: ‘Sderot cinema’ image shows Israelis with popcorn and chairs 'cheering as missiles strike Palestinian targets'
Sustained immigration has not harmed Britons' employment, say government advisers
War is war: Why I stand with Israel
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
Emergency data law: David Cameron plots to bring back snoopers’ charter
NUT strike: David Cameron announces crackdown on strike action ahead of mass industrial action
iJobs Money & Business
£70000 per annum: Harrington Starr: Information Security Manager (ISO 27001, A...
£75000 - £85000 per annum + ex bens: Deerfoot IT Resources Limited: Biztalk Te...
£60000 per annum: Harrington Starr: Trade Desk Specialist (FIX, Linux, Windows...
£35000 per annum: Harrington Starr: Service Desk Analyst (Windows, Active Dire...