Sam Zell bought Tribune company, and then couldn't handle the debt, so he's looking at selling Newsday, arguably one of the crown jewels of the empire.
A bidding war has erupted, with Rupert Murdoch (NY Post) and Mort Zuckerman (NY Daily News) fighting it out, but now it appears taht cablevision has trumped them both, bidding $650 million as vs. the roughly $580M of Murdoch and Zuckerman.
Newsday has generally had a good reputation for covering its region (Long Island), and it not becoming a part of Murdoch's Newscorp is a good thing.
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