Cablevision Mulls $1 Offer for New York Daily News: Report

Cablevision, the parent company of New York’s Newsday daily newspaper, is considering making a $1 offer for the New York Daily News.

Daily News owner Mortimer Zuckerman told staff in February that he was exploring a sale of the money-losing tabloid and had tapped financial firm Lazard as an advisor.

Reuters, which broke the news of a possible bid, reports that the low offer takes into account the paper’s declining circulation numbers, as well as its $30 million in losses annually and the $150 million it invested in a printing press.

Cablevision declined to comment on the report. A spokesperson for the Daily News did not  immediately return a request for comment.

Cablevision is one of the country’s largest cable providers, with a strong presence in the areas surrounding New York City.

The Daily News has weekday circulation of 427,452 and a Sunday readership of 558,057.

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