News Corp. Pulls Newsday Bid

Source: Wall Street Journal

News Corp. has revoked its bid for Tribune Co.'s Newsday, a company spokesman said, leaving Cablevision Systems Corp. the likely victor of the auction for the Long Island daily.

News Corp., which publishes the New York Post and The Wall Street Journal, had bid $580 million for Newsday and already had an informal agreement to acquire the paper, but was unwilling to match the $650 million subsequently offered by Cablevision, a cable systems operator. New York Daily News owner Mortimer Zuckerman also bid $580 million for the newspaper but it wasn't immediately clear whether he would submit a higher offer.

News Corp. determined that it couldn't justify matching Cablevision's offer, especially following Tribune Co.'s latest earnings which showed further declines in its newspapers.

Read more: http://online.wsj.com/article/SB121043480204882967.html

and leave us in peace, his heirs would squabble and fight over his empire like Alexander and his generals.

It would just have sucked so bad. Newsday is our only daily paper. To have it taken over by Murdoch would be so wrong.

I was ready to stop delivery the moment I heard that RW freak had bought it. He gets as little of my $ as possible.

I'm from Long Island, and Newsday is that paper I grew up reading, along with the NY Post and the NY Times. It's bad enough that Murdoch took the Post and made it into a right wing rag that I wouldn't line my bird cage with, but to do that to Newsday would have been nothing short of criminal. Hopefully, if Cablevision buys the paper, they will not trash it, but we'll have to see on that.

At least Mortimer Zuckerman, Daily News owner who is also making a bid, is not as nutty as Murdoch.