Thursday, March 20, 2008

Murdoch Makes a Play for Newsday

Rupert Murdoch may not be done expanding his newspaper empire. The News Corp. chairman, who’s still digesting Dow Jones & Co., is now believed to have set his sights on Newsday.

According to one newspaper industry insider, the company has made a bid for Tribune Co.’s Long Island paper. Newsday also owns amNew York, a daily tabloid handed out free in New York City.

Talk of the bid has surfaced at the same time that Tribune’s new Chief Executive Sam Zell has said that an advertising downturn has forced him to consider selling off company assets. Additionally, Standard & Poor’s Ratings Services lowered its corporate credit rating on the media company to B- from B this week. [Click for MORE]

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