Murdoch drops Newsday bid

Unwilling to get into a bidding war, News Corporation has withdrawn its $580 million bid to buy Newsday. As recently as last Wednesday’s quarterly conference call, CEO Rupert Murdoch had expressed optimism that he would prevail in his attempt to buy the Long Island newspaper from Tribune Company. It appears likely that the paper will be sold to Cablevision for $650 million, unless New York Daily News owner Mort Zuckerman raises his bid from $580 million.

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