The Nation - News from Feb. 21, 1988

New York Post employees cheered and uncorked champagne after news that owner Rupert Murdoch had reached agreement with 10 unions to save the newspaper. “It has been a nightmare, but thank God, we’re still in business,” said Lenny Higgins, president of the Newspaper Pressmen’s Union. The deal will enable Murdoch to sell the Post to real estate developer Peter Kalikow. It involves a $22-million cost-reduction package that fell into place just before 2 a.m. when Murdoch said he would provide a $3-million eventual bonus to the unions to satisfy the terms of his sale agreement. The unions had already agreed to concessions totaling $19 million and said they could not give any more. Kalikow will take over the Post for $37.6 million on Mar. 7.