Murdoch Backs Away From Newsday

12 May 2008

NEW YORK: Just three weeks after it appeared Rupert Murdoch was poised to sign on the dotted line for the Tribune Company's Newsday title, he has pulled out of the bidding to leave the way clear for Cablevision to become its new owners.

The New York cable television provider, controlled by the Dolan family, has offered $650 million (€421.9m; £333.6m) for Newsday.

News Corporation says the bidding has become "uneconomic" and has declined to up its own $580m offer.

A third contender, publisher and real estate billionaire Mort Zuckerman, matched the Murdoch bid but has made no indication whether he is willing to continue the auction against Cablevision.

Data sourced from BBC Online; additional content by WARC staff