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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
Murdoch Drops Newsday Bid
Newsday and the New York Post won't be corporate siblings.   (AP Photo/Richard Drew)

(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. (Read more Rupert Murdoch stories.)

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