Media
News Corp. Withdraws Newsday Bid
TSC Staff
05/10/08 - 05:13 PM EDT
Rupert Murdoch won't be adding Newsday to his list of New York media properties.
His company, News Corp.(NWS), has withdrawn its bid to purchase the Long Island newspaper, according to published media reports quoting a News Corp. spokeswoman.
The decision comes just a few days after Murdoch had voiced confidence that his company would be able to close the deal, an AP report noted.
News Corp. was offering about $580 million for Newsday but faced competition from Cablevision(CVC) and Mortimer Zuckerman, who owns the New York Daily News, the report noted. Cablevision has reportedly offered to pay $650 million for Newsday.
A News Corp. spokeswoman said, "It became uneconomical for us to continue," according to the AP report.
In the New York market, News Corp. already owns the New York Post and The Wall Street Journal, as well as two TV stations.
News Corp. shares lost 33 cents Friday to close at $19.35. Cablevision finished the session up 21 cents at $24.97.