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After bid by Cablevision, rivals mull offers for Newsday

What You Should Have Read, May 1, 2008

Published on .

After bid by Cablevision, rivals mull offers for Newsday

Continuing the fun new trend of newspapers reporting on their own sales, Newsday notes that Cablevision Systems Corp.'s $650-million bid for it has been received, and rival suitors were said to be mulling possible changes to their offers. Newsday's parent, Tribune Co., was expected to give News Corp. chairman Rupert Murdoch and Daily News owner Mortimer Zuckerman an opportunity to revisit their respective bids, both of $580 million, or $70 million less than that of Cablevision, according to those familiar with the talks between Tribune and News Corp. They also said the three offers include a joint venture whereby Tribune retains a small stake in Newsday to lessen its capital gains tax.
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