News Corp drops $580m bid for Newsday

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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