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Rupert Murdoch's News Corp. has withdrawn its bid to buy Tribune Co's Newsday newspaper, the Wall Street Journal reported on its website on Saturday, citing people familiar with the matter.
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News Corp., which publishes the New York Post and The Wall Street Journal, was unwilling to raise its offer of $580 million for the newspaper to match or exceed the $650 million bid by Cablevision, the Journal said.
According to a company spokesman, the deal had become "uneconomical."
New York Daily News owner Mortimer Zuckerman also bid $580 million for the newspaper but it wasn't immediately clear whether he would submit a higher offer. Meanwhile, Cablevision Systems Corp, a cable operator based on Long Island, has made a $650 million bid.
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