News Corp has dropped out of the running for Newsday, the Long Island tabloid being sold by Tribune Compay, making Cablevision and the Dolan family the most likely candidates to acquire the paper. News Corp originally submitted a $580m bid for the paper, while Cablevision submitted an offer of $650m. Rupert Murdoch, News Corp’s chief executive, originally said he hoped to combine Newsday’s back-office operations with his money-losing New York Post. But News Corp decided at the weekend to end its bid after Tribune’s earnings last week showed a continued decline in the performance of its newspapers.

This entry was posted by Gwen Robinson on Monday, May 12th, 2008 at 5:31 and is filed under Capital markets, M&A, People. Tagged with cablevision, news corp, Newsday. Edit this entry.