Media
News Corp (NWS) Walks On "Newsday" Bid, Cablevision (CVC) Shareholders Likely To Get Fleeced
Published:
Rupert Murdoch of News Corp (NWS) pulled his $580 million bid for large Long Island paper "Newsday" currently owned by The Tribune Company.
Cablevision (CVC), which has a large portion of its subscriber base on Long Island, has bid $650 million
The turn of events is extremely odd. Murdoch could have saved tens of million of dollars each year by combining key functions at "Newsday" with his NYC daily "The New York Post". The deal would have made both papers much more profitable.
Cablevision gains no ready economies of scale by combining a cable system with a newspaper. The company’s bid is much too high and stands to yield very little benefit for the firm.
Cablevision’s shareholder are likely to knock the stock down and, if the deal goes through, shares could stay down for a long time.
Sponsored: Want to Retire Early? Here’s a Great First Step
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
