http://www.nytimes.com/2008/05/11/business/media/11murdoch.html?_r=1&hp&oref=slogin
May 11, 2008
News Corp. Withdraws Its Bid for Newsday
By RICHARD PÉREZ-PEÑA
Cablevision on Saturday appeared likely to prevail in the bidding for Newsday, people briefed on the matter said, after the News Corporation, controlled by Rupert Murdoch, pulled out of the running.
People involved in the negotiations, who would not be named because the talks were confidential, said early this month that Newsday’s owner, the Tribune Company, seemed headed toward accepting Cablevision’s bid, which at $650 million was the highest. Mr. Murdoch, however, told investors and analysts in a conference call Wednesday that he remained confident, counseling, “just be patient for a couple of days.”
Despite that statement, the News Corporation told Tribune on Saturday morning that it was withdrawing its $580 million bid, said Gary Ginsberg, a News Corporation executive vice president.
It was not clear whether the other remaining bidder, Mortimer B. Zuckerman, owner of The Daily News, might still try to raise his offer, also $580 million. A spokesman for Mr. Zuckerman declined to comment.
snip