News Corp. Withdraws Newsday Bid

• IBTimes RSS
• Print
• E-Mail
• digg
• Del.icio.us

News Corp., which publishes the New York Post and The Wall Street Journal, was unwilling to raise its offer of $580 million for the newspaper to match or exceed the $650 million bid by Cablevision, the Journal said.

According to a company spokesman, the deal had become "uneconomical."

New York Daily News owner Mortimer Zuckerman also bid $580 million for the newspaper but it wasn't immediately clear whether he would submit a higher offer. Meanwhile, Cablevision Systems Corp, a cable operator based on Long Island, has made a $650 million bid.