Word: murdochs
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Australian Rupert Murdoch buys Hearst's Boston paper
Hopes for its survival were hardly raised when the only prospective buyer, flamboyant Australian Publisher Rupert Murdoch, declared the condition of his purchase: the paper's eleven unions would have to give up 180 of the Herald's 800 jobs to save $4 million a year. Nonetheless, the sale went through, five hours after Hearst suspended publication and sent employees home. The settlement, after 30 consecutive hours of bargaining, closed a week of allegations by Hearst executives that the Globe was trying to sabotage union negotiations. Crowed the Herald on its front page Saturday morning...
...salvation of the paper was reached substantially on Murdoch's terms. Besides layoffs they included a cash price of only $1 million, with up to $7 million of future profits going to the Hearst Corp. Murdoch also assumed pension liabilities. The takeover was in sharp contrast to Murdoch's last attempt at acquisition: unable to get big enough union concessions at the failing Buffalo Courier-Express, he withdrew his bid, and the paper died last September...
...sale of the Herald saves Boston, the nation's tenth largest metropolitan area, from the dubious distinction of becoming the biggest city with just one major paper. Instead, the staid, august Globe faces the possibility of a no-holds-barred newspaper war. Murdoch has pledged to invest $15 million in the Herald American. Said a senior Herald editor: "This will cost the Globe millions. They will have to fight." Globe Publisher William O. Taylor, whose family has operated the paper for more than a century, canceled a trip to Seattle this week and said, "I will be right here...
...Murdoch also has publishing interests in Great Britain and the United States, including the New York Post, the weekly tabloid Star, San Antonio Express and News, the Village Voice and New York Magazine...