NEW YORK, May 10 (UPI) -- Cablevision Systems Corp. has the inside track in its bid to purchase Newsday, a newspaper headquartered on Long Island, sources told The New York Times.
Sources involved in the negotiations said with News Corp. and its owner, Rupert Murdoch, no longer taking part in the bidding process, Cablevision appears to be the front-runner with a bid of $650 million, the Times said Saturday.
News Corp. Executive Vice President Gary Ginsberg confirmed Saturday his company had withdrawn its $580 million bid to purchase the Tribune Co. newspaper.
Controlled by the Dolan family, Cablevision currently owns no newspapers and therefore experts say the company would be forced to invest heavily to move the newspaper forward.
In addition to providing cable, telephone and Internet services, Cablevision owns Madison Square Garden, the New York Knicks and the New York Rangers.
Tribune Co. Chairman Samuel Zell decided to sell Newsday to help compensate for his company's $12.8 billion in debts caused by its going private in 2007, the Times said.
