Press: Extra: Post Saved!

The showdown had all the breathless drama that readers of the tabloid New York $ Post (circ. 480,000) have come to expect. Australian-born Media Baron Rupert Murdoch, selling the Post to comply with a federal ban on owning a newspaper and broadcast station in the same city, had threatened to shut down the paper unless unions agreed to $24 million in cost reductions. Murdoch said he needed the cuts to complete the sale of the paper to New York Real Estate Developer Peter Kalikow for $37 million.

But as a 2 p.m. Friday deadline neared, the Post and its unions remained...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!