Because of the institution of federal regulations limiting media cross-ownership after Murdoch's purchase of WNEW-TV (now WNYW) and four other stations from Metromedia to launch the Fox Broadcasting Company, Murdoch was forced to sell the paper for $37.6 million in 1988 to Peter S. Kalikow, a real-estate magnate with no news experience. In 1988, the "Post" hired Jane Amsterdam, founding editor of "Manhattan, inc.", as its first female editor, and within six months the paper had toned down the sensationalist headlines. Within a year, Amsterdam was forced out by Kalikow, who reportedly told her "credible doesn't sell ... Your big scoops are great, but they don't sell more papers."