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MUMBAI:
Mortimer B. Zuckerman, the owner of The Daily News in New
York, has offered a bid of $ 580 million to acquire Tribune
Co.'s Long Island newspaper, Newsday.
The
counter bid is equal to an offer made earlier in the week
by Rupert Murdoch's News Corp.
According
to reports, Zuckerman is expected to meet the executives at
the Tribune Company, which is already debt-laden, and explain
them that his bid is more attractive as it does not face any
regulatory enquiry midway and can be completed easily.
Murdoch’s
bid for Newsday would be scrutinized by the Federal Communications
Commission (FCC) under its new media ownership rule.
Zuckerman’s deal, according to reports, is structured
as a joint venture in which Tribune would own about 5 per
cent for several years as a mechanism to reduce its tax liability.
Murdoch
is already in the process of seeking approval to continue
to control two newspapers (The Wall Street Journal and The
Post) and two television stations (WNYW and WWOR) in the New
York area.
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