Word: murdoch
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Dates: during 1970-1979
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...real surprise came the next month. After length negotiations that included jetting off to Aspen to find majority stockholder Carter Burden, and the expenditure of $15 million, Murdoch became the owner of not only New York and its fledgling cousin New West, but of The Village Voice as well...
...value of $10, limped along between $2 and $3 for most of the year. Felker is a minority stockholder--he only owns 10.2 per cent of the company--and other shareholders began to howl for his head. Felker took his troubles to a friend of his, Rupert Murdoch, who offered to buy New York at $5 a share, which Felker refused...
Having consulted friend number one Murdoch about selling, Felker went off to Washington to discuss the sale of the three magazines to the Washington Post. Felker had decided to sell to Katherine Graham, dowager empress of American journalism, taking a deal that was unattractive financially but which would leave him in charge of editorial operations. Meanwhile, unknown to Felker, Murdoch, friend number one, had approached friend number two Burden with an offer of $7 a share. And Burden was churlish; he didn't want to sell his magazines to the dowager empress. He took his skis and went...
...York City politics, where he is a city councilman. He dabbles in Manhattan society. He dabbles in journalism, and maybe journalism began to bore him. Just as Burden yawned, there was a check for $7.6 million in his mouth like a big moth, a check from Rupert Murdoch--they had mutual friends--offering him $8.25 a share for his stock. Murdoch had chartered a jet and flown to Aspen to make the offer. In the face of such consideration (one gets the impression that Burden didn't even have to take off his skis) the deal went down. Murdoch...
...only person who hadn't been busy, it seems, was Clay Felker. At the first board meeting after the sale, Murdoch demanded two seats on the board, finalizing his control of the company. Murdoch also told Felker he thought he was an editorial genius and asked him to stay and run the magazine. Felker refused, and got busy, winning a temporary injunction preventing the sale of the burden bloc to Murdoch. Voice and New York magazine staffers staged a short walk-out in support of their editor. But later that week, it was back to the conference table. Felker...