Cablevision Systems Corp. plans to make an offer of up to $650 million to purchase Newsday from Tribune Co., according to media reports released Wednesday.
Cablevision's bid could come within 48 hours, the Wall Street Journal reported on its online edition, citing people familiar with the situation.
A spokesman for Cablevision could not be reached for comment.
Cablevision's joins the bidding war alongside New York Daily News owner Mortimer Zuckerman and News Corp Chief Executive Rupert Murdoch -owner of the New York Post, The Wall Street Journal and Dow Jones Newswires- as they both submitted $580 million bids each for Newsday.
Sam Zell, Tribune's new chief executive, said two weeks ago he was considering selling Newsday, which was a change from his original plan to keep Tribune's core businesses in one piece.
Cablevision is reported to be in talks to acquire the Sundance Channel, which could add to its range of cable networks. The bid serves as the latest indication that the company is expanding its strategy to finance new growth strategies.
Cablevision is a major provider of video, broadband and phone services in Long Island and in the New York area.