Murdoch’s post deal extended

Rupert Murdoch was given a bankruptcy court’s permission to run the New York Post for another 60 days, a day after winning FCC approval to own the tabloid.

The Federal Communications Commission, saying hundreds of jobs were at stake, gave Murdoch permission Tuesday to buy the Post and retain WNYW-TV.

The 2-1 decision was the first time the FCC waived its rule against owning a daily paper and TV station in the same city.

On Wednesday, U.S. Bankruptcy Judge Burton Lifland extended for another two months the deal under which the media tycoon had agreed to run the Post for 90 days while working out terms of permanent ownership.

Murdoch can cancel the whole deal on three days’ notice.

Lawyers for Murdoch’s News America Publishing Inc. told Lifland that Murdoch has lost $ 300,000 a week in operating costs since taking over the troubled tabloid in March.

Hours before the hearing, Murdoch gave the unions a July 9 deadline to agree on new contracts that would cut operating costs. Post staffers, speaking on condition of anonymity, said they were told that the 192-year-old daily would fold if the deadline passed and new agreements weren’t reached.

Post spokesman Patrick Smith said Murdoch didn’t say what would happen if the deadline wasn’t met.

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