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May 16, 2008 10:23:08 AM CDT

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Murdoch Drops Newsday Bid  

Posted May 10, 08 1:44 PM CDT in Business    Most Covered

(newser) – 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.

Source Reuters

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Murdoch Drops <em>Newsday</em> Bid
Newsday and the New York Post won't be corporate siblings.   (AP Photo/Richard Drew)
Murdoch Drops <em>Newsday</em> Bid
Rupert Murdoch has dropped his $580 million bid for Long Island daily Newsday.   (AP Photo/Mark Lennihan, File)
Murdoch Drops <em>Newsday</em> Bid
Mort Zuckerman, the owner of the New York Daily News, has offered $580 million to acquire Newsday.   (AP Photo/Richard Drew, File)
Murdoch Drops <em>Newsday</em> Bid
Rupert Murdoch's NewsCorp said a bid higher than Cablevision's $650 million would be "uneconomical."   (AP Photo/Jason DeCrow)
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Rupert Murdoch  • News Corp  • Tribune Company  • Sam Zell  • Newsday  • Cablevision  • Mortimer Zuckerman



Related Threads: Rupert Murdoch, Stop the Presses!, Mergers & Acquisitions

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