News Corp unexpectedly drops bid for Newsday

Rupert Murdoch's News Corp on Saturday dropped its $580 million bid for Tribune Co's Newsday newspaper, just days after Murdoch said a deal was imminent, leaving cable television operator Cablevision as the likely winner of the Long Island daily. News Corp was unable to justify outbidding Cablevision's $650 million offer from an economic perspective. A News Corp spokesman said the deal was "uneconomical." The decision leaves two known contenders for Newsday. Besides Cablevision, Mortimer Zuckerman, owner of the New York Daily News, a rival city tabloid to Murdoch's New York Post, also bid $580 million for the paper.
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