Zuckerman Bids $580 Million For Newsday; Matches Murdoch
This story was written by Rafat Ali.
Mort Zuckerman, the owner of the New York Daily News and U.S. News and World Report, has offered $580 million to acquire Newsday from Tribune, matching a bid earlier this week by News Corp (NYSE: NWS). As NYT points out, Zuckerman is expected to make the argument to executives at the Tribune that his bid is more attractive because it can be completed faster and does not have the potential to fall into regulatory limbo. News Corp. owns New York Post, WSJ and two New York City-area local TV stations.
By Rafat Ali