05 May 2008

Looks Like Murdoch Won't Get Newsday

Sam Zell bought Tribune company, and then couldn't handle the debt, so he's looking at selling Newsday, arguably one of the crown jewels of the empire.

A bidding war has erupted, with Rupert Murdoch (NY Post) and Mort Zuckerman (NY Daily News) fighting it out, but now it appears taht cablevision has trumped them both, bidding $650 million as vs. the roughly $580M of Murdoch and Zuckerman.

Newsday has generally had a good reputation for covering its region (Long Island), and it not becoming a part of Murdoch's Newscorp is a good thing.

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