Cablevision Prepares Newsday Bid

02 May 2008

NEW YORK: The bidding war for Long Island-based daily Newsday is hotting up with a $650 million (€418m; £327m) offer from Cablevision Systems expected shortly.

The Tribune Company has already received offers for the title from News Corporation ceo Rupert Murdoch - with whom negotiations had been apparently progressing - and publisher and real estate billionaire Mort Zuckerman, who threw a matching $580m hat into the ring earlier this week.

The cable television provider, controlled by the Dolan dynasty, reportedly stands a better chance of passing anti-trust scrutiny for its bid, as its two rivals already publish newspapers in the New York area.

All parties are staying zip-lipped.

Data sourced from Wall Street Journal Online; additional content by WARC staff