Catching the post: the press. (New York Post) (American Survey)
Economist (US), The, March, 1993
Abraham Hirschfeld gained ownership of the New York Post but the staff rebelled when he announced layoffs. Rupert Murdoch and other investors are showing an interest in the 200-year-old New York, NY, daily, but the paper is unlikely to emerge from its huge debt.
WILL the New York Post, founded by Alexander Hamilton, live to celebrate its bicentenary, now just eight years off? Shorn of profits since the late 1980s, America's longest-running daily has ended up relying on the kindness of strange rich men: none stranger than Abraham Hirschfeld, a 73-year-old property and car-park tycoon, who stepped forward to rescue its tangled finances on March 12th.
At the end of February, the Post had liabilities of $32.5m and assets of just $18.5m. It is said to be losing well...
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