Skip to: Content
Skip to: Site Navigation
Skip to: Search

November 21, 2008 5:17:20 PM CST

Learn about Newser Points »

« Back to the grid | Next story »

Newsday Sale Another Bad Sign in Teetering Industry

Posted Mar 24, 08 11:07 CDT in Business 

(Newser) – Just last year, Sam Zell was optimistic enough about newspapers to buy the Tribune Company. Now he’s selling Newsday, one of the conglomerate’s top publications. “The news business is something worse than horrible,” he said recently. Across the industry, gung-ho new owners like Zell are experiencing buyer’s remorse, David Carr writes in the New York Times.

Competition from online media has already made newspapers a tough business, but with a recession looming, one analyst is predicting double-digit hits to earnings and revenues. “This is a year when some of the newer players may be hard-pressed to pay the bankers,” he said. Zell, for example, needs to cut expenses 10% to pay his debts.

Source New York Times

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Cablevision Buys Newsday

    May 12, 08 8:07 CDT
    Cablevision Buys Newsday Cablevision will pay Tribune Co. $650 million for Newsday, the companies said this morning. The cable operator's bid for the Long Island daily and its free offshoot amNew York topped $580 million offers from New York Daily News owner Mortimer Zuckerman and News Corp., reports the Wall Street Journal.
     More »

  • Murdoch Drops Newsday Bid

    May 10, 08 1:44 PM CDT
    Murdoch Drops Newsday Bid Rupert Murdoch has dropped his $580 million bid for Newsday. Cable operator Cablevision has offered $650 million for the Long Island daily, and Murdoch’s News Corp. said a higher bid would be “uneconomical.” The media tycoon’s dropout was unexpected, Reuters says, considering Murdoch recently told investors a deal was nearly done. A $580 million bid from Mortimer Zuckerman, owner of the rival Daily News, remains on the table. More »

  • Daily News Owner Makes Newsday Bid

    Apr 26, 08 6:02 CDT
    Daily News owner Mort Zuckerman has matched Rupert Murdoch's bid for Newsday, the New York Times reports—but didn't go a penny over the $580 million the New York Post owner offered. Instead Zuckerman claimed his bid is the better one because, unlike Murdoch's, it doesn't run the risk of running into an FCC tripwire. More »

  • Murdoch Closing In on Newsday Deal

    Apr 22, 08 10:27 CDT
    Rupert Murdoch's News Corp. empire is closing in on a deal to buy Newsday from the Tribune Company for an $850 million package, reports Reuters. Under the terms of the deal, Newsday would be run as a joint venture with the New York Post, but the papers would remain separate for now. Tribune would get $550 million in cash and retain a 5% stake in Newsday. More »

  • Zell Turns to Radio Talent to Shake Up Newspapers

    Apr 7, 08 8:20 CDT
    Zell Turns to Radio Talent to Shake Up Newspapers New publishing mogul Sam Zell is recruiting colorful veterans from the radio industry in a bid to help save his struggling Tribune Company, the Wall Street Journal reports. Zell is hoping the imports will spark innovation at the company, whose debt has swelled to $12.8 billion amid declining newspaper ad revenue. Most of the new recruits come from Clear Channel Communications; they're expected to shake up Zell's newspapers as they did the radio scene. More »

The mastheads of the New York Post and Newsday are seen in this photo in New York, Friday, March 21, 2008. News Corp. chairman Rupert Murdoch has made a bid for Long Island-based Newsday.   (AP Photo/Richard Drew)
Billionaire investor Sam Zell smiles during an interview in Chicago in this March 20, 2007 file photo. Zell bought the Tribune Co. last year, but has since grown gloomy about the news industry.   (AP Photo/M. Spencer Green, file)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (
1
 of 4)

Tags

Rupert Murdoch • newspaper • Tribune Company • Sam Zell • Newsday • Mortimer Zuckerman • Gannett • Avista Capital Partners


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other Business Stories

What is Newser?

2008 Codie Finalist

Face it: there's too much news. At Newser a team of editors and writers culls the most important stories from hundreds of U.S. and international sources and reduces them to a headline, picture, and two paragraphs. It's the Newser guarantee: we can take any report or column or video and pack what you need to know into 120 words or less. Newser's short-form aggregation, visual format, and unique information tools help you get more of the kind of news you want, in a quicker and more entertaining way. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »