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News Corp. withdraws bid to buy NY newspaper Newsday

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By AP
10 May 2008 @ 03:11 pm EST

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NEW YORK - A spokeswoman for Rupert Murdoch's News Corp. says the media conglomerate has withdrawn its bid to purchase Newsday.

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The decision to revoke the offer Saturday comes just days after Murdoch confidently predicted he would clinch a deal to buy the Long Island newspaper within a week.

News Corp. had offered about $580 million for the paper, one of the country's biggest. The company already owns two other New York newspapers, the Wall Street Journal and the New York Post.

Cablevision and New York Daily News owner Mortimer Zuckerman were also reported to be in the running for Newsday, now owned by the Tribune Co.

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