The New York Post, the zesty tabloid that thrived on adversity, faced a bleak future as Rupert Murdoch and unions failed to come to terms and he dropped his bid to buy it.
When a 4 p.m. deadline passed Friday without agreement on new cost-cutting contracts, negotiators for Murdoch said he canceled his agreement to run the Post.
Murdoch’s move bounced the 192-year-old paper back to a bankruptcy court judge and put its future in doubt.
On Saturday, former Post owner Abe Hirschfeld said he would seek to regain control of the paper. He contended he had a court-approved deal with Murdoch that gives him “right of first refusal” if Murdoch drops out.
On Friday, millionaire financier Steven Hoffenberg, who abandoned a bid to buy the paper last January, floated a proposal that would give 75% ownership of the paper to its employees.