Because of the institution of federal regulations limiting media cross-ownership after Murdoch's purchase of WNEW-TV, which is now WNYW, and four other stations from Metromedia to launch the Fox Broadcasting Company, Murdoch was forced to sell the paper for $37.6 million in 1988 (equivalent to $ in ) to Peter S. Kalikow, a real-estate magnate with no experience in the media industry.
because of the institution of federal regulations limiting media cross-ownership after murdoch's purchase of wnew-tv which is now wnyw and four other stations from metromedia to launch the fox broadcasting company murdoch was forced to sell the paper for $376 million in 1988 (equivalent to $ in ) to peter s kalikow a real-estate magnate with no experience in the media industry