Murdoch Loses Newsday Bid

"News Corporation, the global media conglomerate controlled by Rupert Murdoch, is withdrawing its bid to purchase Newsday. The withdrawal of the bid was first reported on the Web site of The Wall Street Journal, which is owned by the News Corporation.The bid withdrawal appears to be a reversal from Wednesday, when in the News Corporation's earnings conference call Mr. Murdoch voiced skepticism that Cablevision could succeed in its bid for Newsday, even as he vowed not to get into a bidding war for the newspaper, which was at the center of a tussle among three New York moguls."

"Mr. Murdoch spoke on the call with Wall Street analysts and the press after the release of quarterly earnings from the News Corporation, the global media conglomerate he controls. On the call, he said, 'No, I don't think Cablevision will prevail; just be patient for a couple days.'

"Several weeks ago it appeared that News Corporation had a tentative deal to buy Newsday, based on Long Island, for about $580 million, but two other bidders have come forward.

"Mortimer B. Zuckerman, the owner of The Daily News, matched Mr. Murdoch's offer, while Cablevision, the Long Island cable operator that also owns Madison Square Garden and the New York Knicks and Rangers, was a late entrant but upped the ante to $650 million." [NYT]

Also? Murdoch gave bubonic plague to three of the Seven Dwarves.