Newsday Drama Continues
The escalating contest for ownership of Newsday took a couple of new twists on Wednesday. The owners of The New York Observer dropped out of the bidding, while a former suitor, Cablevision, prepared to get back into the competition. Cablevision, which signaled weeks ago that it would not pursue Newsday, is putting together a bid of well over $600 million, topping offers from Rupert Murdoch and Mortimer B. Zuckerman. Cablevision declined to confirm the bid. The Observer Media Group was prepared to bid more than $500 million, but then word came last week of competing $580 million offers from Mr. Zuckerman, the real estate developer and publisher, and Mr. Murdoch’s News Corporation. Observer Media tried to interest Cablevision in a joint bid, but instead, Cablevision decided to go it alone.
http://www.nytimes.com/2008/04/30/business/media/30paper-web.html
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