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May 11, 2008

News Corp drops $580m bid for Newsday

By paulmcnally

Rupert Murdoch has abandoned plans to buy the New York suburban daily Newsday.

News Corp said it was “uneconomical” to raise its bid, after its original $580m bid for the title was met with a rival $650m offer by TV operator Cablevision.

New York Daily News owner Mort Zuckerman is still reported to be in the race to take control of the paper.

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