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NY Times

Why the Port Authority in NYC Has Agreed to a $9 Million Subsidy for Rupert Murdoch’s 21st Century Fox and News Corp.

Dec 11, 2015  •  Post A Comment

The commissioners of the Port Authority of New York and New Jersey have agreed to a deal that The New York Times says amounts to a subsidy valued at $9 million for Rupert Murdoch’s 21st Century Fox and News Corp.

The agreement is aimed at getting the companies to relocate from Midtown Manhattan to a new tower that will be part of the World Trade Center complex. The subsidy comes in the form of reduced rent on a 35-year lease.

The deal, which the commissioners agreed to Thursday, “would reduce the proposed rent [the] two Murdoch corporations would pay at the World Trade Center by $155 million,” The Times reports. “The leaders of the Port Authority said they would provide part of that rent subsidy, breaking a pledge that its board made in 2010.”

The report notes that the authority’s executive director, Patrick J. Foye, indicated the agency would receive financial benefits from the deal that far outweigh the cost of the subsidy.

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