News Corp pulls bid for Newsday
NEW YORK (Reuters) - Rupert Murdoch's News Corp (NWSa.N: Quote, Profile, Research) has withdrawn its bid to buy Tribune Co's Newsday newspaper, a spokesman said on Saturday.
The spokesman said the deal had become "uneconomical."
Cablevision Systems Corp (CVC.N: Quote, Profile, Research) earlier bid $650 million to buy the newspaper, topping two $580 million offers -- one from News Corp and one from New York Daily News publisher Mortimer Zuckerman.
(Reporting by Kenneth Li; editing by Mohammad Zargham)
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