Will Cablevision get Newsday in the end? Now that Rupert Murdoch has withdrawn his $580 billion dollar bid for the Long Island paper, the question is who will become the new owner?
Richard Pérez Peña, of the NYT, reports that Mort Zuckerman, of The Daily News is still interested. But enough to raise his $580 billion dollar bid? He would be competing against Cablevision, owned by the Dolan family, which appears to have an advantage.
Why was there so much interest in buying this paper when the industry is in so much trouble? Turns out Newsday is more profitable than anyone thought. In 2007, it generated more than $80 million in profit on about $500 million in revenue.
Tribune owner Sam Zell, in need of getting some cash quick due to the heavy debt he acquired when he bought the company, is looking to unload Newsday.
