Murdoch's Newspaper Obsession 'Significant Drag' On News Corp.

Rupert Murdoch, as much old-fashioned press baron as 21st century multimedia mogul, faces a depressing reality: his lifelong fondness for newspapers has become a significant drag on the fortunes of his company, the News Corporation. [Click for MORE]

• It's Not Newspapers in Peril; It's Their Owners
• Peter Chernin to leave Murdoch's News Corp.

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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]

> New York Observer drops out
> Newsday: The sale that isn’t a sale Sphere: Related Content

News Corp. Nears Deal to Buy Newsday

Tribune Would Receive Up to $560 Million Cash And Keep a Small Stake

Tribune Co. is closing in on an agreement to sell its Long Island newspaper Newsday to News Corp. for about $580 million, according to individuals familiar with the situation.

Final details are being hammered out and a deal could yet fall apart, but Tribune and News Corp. have informally agreed on key aspects, including the price, structure and governance, these people said

Under the terms being discussed, Newsday would be part of a joint venture with News Corp.'s New York Post and various non-newspaper assets owned by News Corp., people familiar with the matter said. News Corp. would own the bulk of the combination, with Tribune retaining a stake of less than 5%.

If a deal is struck, it would be Tribune's first major newspaper sale since Chicago real-estate magnate Sam Zell took effective control of the company in December. Mr. Zell has been exploring ways to pare the company's heavy debt load, which piled up after it was taken private in an $8.2 billion buyout. [Click for MORE]

> Murdoch on way to acquiring Newsday

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Murdoch, Ink.

With a redesigned Wall Street Journal, mogul Rupert Murdoch is launching an old-fashioned newspaper war against The New York Times. Not since William Randolph Hearst took on Joseph Pulitzer have we seen such a fight. [Click for MORE]

> Wall Street Journal Editor Expected to Resign
> WSJ Managing Editor to Leave Post Sphere: Related Content

News Corp., AOL Pursue Yahoo Deals

Murdoch, Microsoft
Consider Joint Bid;
Google Ad Pact

Yahoo Inc. and Time Warner Inc.'s AOL are closing in on a deal to combine their Internet operations, a move aimed at thwarting Microsoft Corp.'s effort to acquire Yahoo, people familiar with the matter said Wednesday.

But Microsoft is recrafting its assault plan by talking with Rupert Murdoch's News Corp., publisher of The Wall Street Journal, about mounting a joint bid for Yahoo, people familiar with the matter said. Microsoft and News Corp. have yet to reach an agreement on joining forces but one person apprised of the plan described the discussions as serious. Such a deal would combine three of the biggest Internet properties: News Corp.'s MySpace, Microsoft's MSN and Yahoo. [Click for MORE]

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