The owner of the New York Daily News, Mortimer Zuckerman, has bid $580 million to buy Tribune Company's Newsday newspaper after News Corp. had already made an offer for the same amount, according to a report.

Zuckerman is betting that Tribune would be more willing to sell the property to him since News Corp may face tougher regulatory hurdles, according to Reuters. Media ownership laws in the U.S. usually keep corporations from owning both a television station and a local newspaper serving the same media market.

Currently News Corp. has been allowed to waive that rule by the U.S. regulator, the Federal Communications Commission.

News Corp. already owns various properties in the same market, including the New York Post, WNYW-TV and WWOR-TV. News Corp is also the owner of the Wall Street Journal, which is based in New York.