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Murdoch Drops Newsday Bid

News Corp. calls matching Cablevision's $650 million offer "uneconomical"

By Wesley Oliver,  Newser Staff

Posted May 10, 2008 1:44 PM CDT
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(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.

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