Saturday, April 26, 2008

Zuckerman Matches Murdoch’s Bid for Newsday

Mortimer B. Zuckerman, the owner of The Daily News, believes he can snatch Newsday from Rupert Murdoch without offering a dime more than the $580 million already on the table.

Late Friday afternoon Mr. Zuckerman submitted a bid of $580 million for the Long Island-based newspaper, according to a person briefed on the matter. The bid sets up a potential bargaining battle by the owners of New York’s two tabloids: The Daily News and The New York Post.

Mr. Zuckerman opted not to submit a higher bid. Instead, he will make the argument to the Tribune Company, the debt-laden parent company of Newsday, that his bid is more attractive because it does not have the potential to fall into regulatory limbo.

Mr. Murdoch’s offer would almost certainly be scrutinized by the Federal Communications Commission under its new media ownership rule. [Click for MORE]

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