In November 1976, it was announced that Australian Rupert Murdoch had bought the "Post" from Schiff with the intention she would remain as a consultant for five years. It later emerged that Murdoch bought the newspaper for US$30.5 million. The "Post" at this point was the only surviving afternoon daily in New York City and its circulation under Schiff had grown by two-thirds, particularly after the failure of the competing "World Journal Tribune". However, the rising cost of operating an afternoon daily in a city with worsening daytime traffic congestion, combined with mounting competition from expanded local radio and TV news cut into the "Post"s profitability, though it made money from 1949 until Schiff's final year of ownership, when it lost $500,000. The paper has lost money ever since.