Create your Benton.org account today. Registration is quick and easy. Creating an account gives you access to special features, click to learn more.
Newsday Drama Continues
Submitted by Benton Foundation on April 30, 2008 - 8:07pm
Last updated: May 13, 2008 - 1:58pm
Last updated: May 13, 2008 - 1:58pm
Source: New York Times
Author: Richard Perez-Pena
NEWSDAY DRAMA CONTINUES
The escalating contest for ownership of Newsday took a couple of new twists on Wednesday. The owners of The New York Observer dropped out of the bidding, while a former suitor, Cablevision, prepared to get back into the competition. Cablevision, which signaled weeks ago that it would not pursue Newsday, is putting together a bid of well over $600 million, topping offers from Rupert Murdoch and Mortimer B. Zuckerman. Cablevision declined to confirm the bid. The Observer Media Group was prepared to bid more than $500 million, but then word came last week of competing $580 million offers from Mr. Zuckerman, the real estate developer and publisher, and Mr. Murdoch’s News Corporation. Observer Media tried to interest Cablevision in a joint bid, but instead, Cablevision decided to go it alone.
http://www.nytimes.com/2008/04/30/business/media/30paper-web.html
(requires registration)
Links to Sources
Ratings:
Recomendation:
Informative:
Accuracy:
Is it just us or can anyone
Is it just us or can anyone else envision this... Rupert Murdoch lands the winning bid for Newsday and then goes before regulators at the Department of Justice and the Federal Communications Commission with the following argument: current media ownership rules are laughable because the rival bidder for Newsday controls the access of dozens of channels into the homes of thousands of people in the New York City market. But FCC regulations prevent News Corp's purchase because it controls just two TV stations and another local paper that is losing money.