News Corp. Withdraws Newsday Bid - TheStreet

News Corp. Withdraws Newsday Bid

A company spokesman reportedly says it was becoming 'uneconomical' to stay in the competition for the Long Island newspaper.
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Rupert Murdoch won't be adding Newsday to his list of New York media properties.

His company,

News Corp.

(NWS) - Get Report

, has withdrawn its bid to purchase the Long Island newspaper, according to published media reports quoting a News Corp.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.

This article was written by a staff member of TheStreet.com.