Cablevision to Bid Up To $650 Million for Newsday

Cablevision Systems Corp. (CVC) plans to bid as much as $650 million to purchase Long Island daily Newsday, according to sources familiar with the thinking of Cablevision executives. A bid for the newspaper, which is being sold by Tribune Co. (TRB), could come as soon as within 48 hours.

Cablevision's bid would be the second offer to challenge an informal agreement reached 10 days ago by News Corp. (NWS), owner of the New York Post, The Wall Street Journal and Dow Jones Newswires, which valued Newsday at $580 million. Daily News owner Mortimer Zuckerman lodged a $580 million offer for the paper late last week. [Click for MORE]

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