The power vacuum in New York City that will be left by Michael Bloomberg's departure from public office will likely be compounded by another unfillable hole: the loss of the New York Post.
The Post has been in business since 1801, and owned since 1976 by Rupert Murdoch (other than for a five-year hiatus when regulatory requirements forced him to sell the paper – that is, until he arranged to be exempted from those rules and buy it back). It's been Murdoch's money-losing personal instrument for all manner of trouble-making, political power-brokering, and punishment and reward. When it was not being bent to his personal will, it was to that of his editors, picking the paper's enemies and friends for both personal and institutional benefit.
To say the Post is self-serving would be beside the point. It is the last of the great bully-boy newspapers.
This joie de guerre has cost Murdoch as much as $80m a year in unstoppable losses – perhaps more than $1bn over 35 years.
Murdoch's attachment to the paper has long been more sentimental than strategic. Once, it was the seat of his power in the US, electing Ed Koch mayor and making Murdoch the most feared publisher in the nation. But that was decades ago.
Source: https://www.guardian.co.uk/commentisfree/2013/apr/15/new-york-post-murdoch-plaything